You ever check your portfolio on a red day, see it’s down a few thousand bucks, and suddenly question every financial decision you've ever made? 

Well, imagine that, but instead of a few hundred, you’re down $7.1 billion… in one day. That’s exactly what happened to Elon Musk yesterday, a man who could literally light money on fire for warmth and still make Forbes’ top 10 richest people list.

Musk’s net worth cliffjumper to $347.7 billion, thanks to Tesla’s stock sliding down the corporate equivalent of a Six Flags water slide. And that’s just a single day of pain. Since Tesla peaked in late 2023, his fortune has shriveled by $116 billion, leaving him just $1 billion shy of the entire net worth of Steve Ballmer… the ex-Microsoft CEO who bought the Clippers and acts like he just downed six Red Bulls before every game.

To put that into perspective, Musk has lost more wealth than Bill Gates’ entire fortune ($108B) and more than the combined GDPs of Iceland, Monaco, and a couple of other small countries that you only hear about during the Olympics.

Tesla’s aren’t exactly flying off the lot in Europe. February sales in Germany tanked 76%... which is somehow even worse than January’s 60% drop. And it’s not just Germany. Sales in Norway fell 48%, Denmark 53%, Sweden 42%, and France 26%. These are EV-friendly countries, so if they’re gonna buy an EV, Elon needs them as customers.

A big part of this is competition. Tesla’s European rivals like Volvo and Polestar are eating its lunch, breakfast, and dinner… and Chinese EV makers are storming in like the Mongols. BYD, XPeng, and MG have increased their market share from 5.1% to 8.8% in just a year, and they’re doing it by undercutting Tesla on price.

Then there’s the Musk factor. His increasingly loud political stances, particularly his snuggling up to far-right groups in Europe, aren’t exactly helping the brand. Some customers are getting rid of their Teslas just to avoid being associated with him. One former Tesla owner even took a $4,000 loss just to get rid of the car, saying he didn’t want to be a “billboard for Elon’s ideologies.”

Oh, and let’s not forget the literal arson attacks on Tesla showrooms and charging stations in France. I’m not Warren Buffett or anything… but that’s usually not a sign of strong brand loyalty.

(Source: KTVZ)

Tesla’s stock has already dropped 40% from its peak, and while Musk still has SpaceX and his Twitter circus to keep things interesting, the writing’s on the wall. The company is facing slowing sales, extremely tough competition, and a PR problem that’s not going anywhere soon (although caring about politics when buying a vehicle seems kinda strange to me). EV makers like Polestar are rolling out $20,000 discounts to entice Tesla owners away, and it seems to be working.

And if you’re a chart nerd, here’s a little extra doom fuel: Tesla stock just broke below the 200-day moving average for the first time in seven months… a key level traders watch like hawks. TSLA already bulldozed through the $325-$360 support range, then $300, and now it’s barely clinging to $271. So I guess $200 here we come?

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Stock.News has positions in Tesla and Microsoft.