Elon Musk, the world’s richest person, lost billions of dollars in the first two months of the year, but he’s still holding onto his title.

The Tesla (TSLA) and SpaceX CEO — and de facto head of the Department of Government Efficiency (DOGE) — has seen his estimated net worth drop from a peak of $486 billion to $330 billion, according to the Bloomberg Billionaires List. That $156 billion loss still leaves him far ahead of Jeff Bezos, whose projected net worth stands at $222 billion.

Musk’s shrinking fortune is largely tied to Tesla’s stock, which has plunged about 36% since the start of the year as the company struggles with slowing sales. Roughly 60% of Musk’s wealth comes from Tesla shares and options. The rest of his wealth comes from his other ventures. His net worth skyrocketed when SpaceX hit a $350 billion valuation, making it the world’s most valuable startup. Meanwhile, xAI, his artificial intelligence startup, raised $6 billion in funding, pushing its valuation to $50 billion.

Tesla stock soared at the end of 2024, briefly surpassing $420 per share, but those gains have vanished as sales took a hit — especially in Europe.

Sales in Sweden and Norway dropped 42% and 48% last month, while in Germany — where Tesla builds some of its best-selling electric vehicles — deliveries dropped 76%. That follows an across-the-board decline the previous month.

In Australia, sales dropped almost 72%. In California, traditionally Tesla’s biggest domestic market, new vehicle registrations fell 11.6% last year, according to the California New Car Dealers Association.

Some have linked Tesla’s troubles to Musk’s close ties with the Trump administration. But not everyone agrees.

“While the DOGE/Trump Musk iron clad partnership has created major brand worries for Tesla... we estimate less than 5% of Tesla sales globally are at risk from these issues despite the global draconian narrative for Musk,” Wedbush analyst Dan Ives wrote in a note on Friday.

Ives argues that the Trump administration was “the best thing that ever happened to Musk and Tesla,” citing a push to develop a federal approach to regulating autonomous vehicles. The Austin, Texas-based automaker plans to launch a ride-hailing service in at least two states this year using vehicles equipped with its advanced driver assistance package. Tesla’s designated robotaxi, the Cybercab, is scheduled to enter volume production next year.

—Britney Nguyen and William Gavin contributed to this article.

For the latest news, Facebook, Twitter and Instagram.