Elon Musk Takes The Biggest Hit From Trump’s Tariffs

by THEFUTURE.TEAM

February 4, 2025

Elon Musk, the world’s richest man and self-proclaimed “first friend” of President Donald Trump, was hit the hardest on Monday as the stock market reacted to Trump’s tariff announcements. Shares of Musk’s electric car company, Tesla, took a significant hit, with import duties expected to erode the company’s profits.

Key Takeaways

Tesla’s stock plummeted by 5%, marking the largest percentage drop among 46 U.S. companies valued at $200 billion or more.
This decline wiped out $11.8 billion from Musk’s net worth, the largest loss of the day for any billionaire.
Musk, Tesla’s largest shareholder with a 13% stake, saw the stock’s value drop to its lowest point since January 2, dipping by as much as 7.5% during morning trading.
The broader market was also volatile, with the S&P 500 losing 1.9% before slightly recovering to end the day down by 0.8%. The brief suspension of tariffs on Mexico provided some relief to the markets, tempering the anticipated negative effects.

Why Tariffs Hurt Tesla

Tesla, like many other automakers, finds itself in the crosshairs of Trump’s tariffs, especially due to its reliance on a complex North American supply chain and significant operations in China. Tesla’s CFO, Vaibhav Taneja, warned last week that any tariffs imposed would directly affect the company’s earnings, as it continues to depend on global supply chains for parts and manufacturing.

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Other companies facing similar tariff woes include Nvidia and Apple, both of which generate a substantial portion of their revenue from China.

Key Figures

$20.9 billion: Tesla’s revenue from China in 2024, which represents more than 21% of the company’s global sales.

Musk’s Reaction

Musk, who has been outspoken about his opposition to tariffs in the past, remained unusually quiet on social media regarding the new tariff-related challenges. His only comment so far was a succinct “Well, okay” in response to an Ontario official’s announcement to cancel a $68 million contract with SpaceX due to the tariffs.

Despite the threat of tariffs and the possibility of losing federal tax credits for electric car buyers, Tesla’s stock has seen remarkable growth since Trump’s election, rising 53% since November.

Forbes Ranking

Musk’s fortune now stands at $410 billion, which is over $150 billion more than it was on Election Day, making him $160 billion wealthier than Amazon founder Jeff Bezos, the second-richest person in the world.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.

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