In a dramatic financial shake-up, Tesla CEO Elon Musk has suffered a staggering $34 billion loss in his net worth in a single day, following an escalating public feud with U.S. President Donald Trump. The decline comes as Tesla’s stock plunged 14%, wiping out $150 billion in market value.
The dispute between Musk and Trump centers around the president’s “Big, Beautiful Bill,” which reportedly eliminates tax benefits for electric vehicle purchases. Musk, a vocal critic of the bill, took to social media to denounce the legislation, calling it a “disgusting abomination.” Trump responded by suggesting that Musk’s opposition stemmed from financial concerns, hinting at the possibility of terminating federal contracts with Musk’s companies, including Tesla and SpaceX.
The fallout has sent shockwaves through the stock market, with investors expressing concerns over the potential impact on Musk’s business empire. Tesla’s market rout also contributed to broader declines in the Nasdaq Composite, Dow Jones Industrial Average, and S&P 500.
Despite the financial setback, Musk remains the world’s richest individual, with a net worth of $335 billion as of June 6, 2025. However, analysts warn that the ongoing feud with Trump could have long-term implications for Musk’s ventures, particularly if federal contracts and subsidies are revoked.
Musk has remained defiant, responding to Trump’s threats with a bold statement: “Go ahead, make my day.” He also alleged that Trump’s name appears in documents related to the late financier Jeffrey Epstein, further fueling tensions between the two