Musk Loses $34B in a Day Amid Trump Feud
Elon Musk Suffers $34 Billion Wealth Loss Amid Feud With Trump
Elon Musk saw his net worth plunge by a staggering $34 billion on Thursday, June 5, marking one of the largest single-day losses in the history of the Bloomberg Billionaires Index.
The sharp decline followed a public spat between Musk and former President Donald Trump, which began when Musk took to social media to suggest Trump had past ties to convicted sex offender Jeffrey Epstein and insinuated that he played a significant role in Trump’s 2024 election win.
Trump swiftly retaliated, threatening to cut federal contracts with Musk’s companies, including SpaceX and Tesla, and vowing to revoke electric vehicle incentives implemented under President Joe Biden’s 2022 Inflation Reduction Act.
That act, which includes tax credits of up to $7,500 for electric vehicle purchases, has been instrumental in maintaining Tesla’s competitiveness in the U.S. market.
In response to Trump’s threats, Musk stated he would decommission SpaceX’s Dragon spacecraft, escalating the feud further.
Tesla’s stock price plummeted by over 14%, erasing about $138 billion in market value.
This massive drop significantly impacted Musk’s wealth, slicing off $34 billion in a single day, according to Bloomberg.
The incident is reminiscent of a 2021 episode when Musk asked his followers in a Twitter poll whether he should sell 10% of his Tesla stock.
After 57% of 3.5 million users voted “yes,” the stock dropped 16%, resulting in a $50 billion hit to Musk’s net worth.
White House Press Secretary Karoline Leavitt weighed in, saying:
“This is an unfortunate episode from Elon, who is upset that the One Big Beautiful Bill does not include his preferred policies. The President remains focused on passing this historic legislation and making America great again.”
As the dust settles, markets and political observers alike are watching closely to see whether this high-stakes standoff between two of the most influential figures in the U.S. will further escalate—or cool down.
Musk Loses $34B in a Day Amid Trump Feud