The world's richest man, now firmly embedded in the Trump administration, has lost over $11 billion since the start of the year.

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.

That answer may well be true. After all, sales of purely internal combustion vehicles have been in decline globally since 2018. Last year, EVs and hybrids together made up 20% of U.S. new car sales and that number is significantly higher globally, propelled especially by China, where EVs alone make up 50% of new car sales.

The British-headquartered lender unveiled a more stringent approach to hybrid working in a memo to staff earlier this week, which cut the minimum number of days staff can work from home from three down to two.

The bank is the latest large company to roll back its flexible working policies brought in during the Covid-19 pandemic.

The Wall Street Journal reports that banks are planning to sell part of the $13 billion in debt they gave Musk to buy Twitter.

Elon Musk has promised a rebound in Tesla sales this year after a disappointing 2024, with leaps forward in artificial intelligence that will enable unsupervised, self-driving cars on Texas roads by June.

Wall Street banks are preparing to sell up to $3 billion in debt linked to X, Elon Musk's social media platform. Morgan Stanley has contacted investor

Despite falling 4.51% over the last five days, Elon Musk's Tesla has surged 108.50% over last year, making it over 4x expensive than peers.

Elon Musk has admitted to the financial woes of his social media platform X. In an email to employees this month, Musk said that X is barely breaking even amid stagnant user growth and unimpressive revenue.

On the Tesla front, Musk said robotaxis with unsupervised Full Self Driving technology will begin picking up fares in Austin, Texas, beginning this June. “I’m confident we’ll release unsupervised FSD in California (this year), as well,” he said.