Elon Musk loses $34 billion of his net worth in a day amid his fight with Donald Trump

Elon Musk loses $34 billion of his net worth in a day amid his fight with Donald Trump

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Elon Musk’s net worth fell by $34 billion on Thursday, June 5, marking one of the largest single-day losses in his personal wealth, according to the Bloomberg Billionaires Index.

This significant decline followed a series of tweets from Musk, in which he claimed that President Trump had connections to Jeffrey Epstein and implied that he played a crucial role in helping Trump secure the 2024 election.

In response, Trump threatened to terminate federal contracts with Musk’s companies and revoke the electric vehicle (EV) tax credit established under former President Joe Biden’s administration through the 2022 Inflation Reduction Act, which offered up to $7,500 off electric car purchases and significantly benefited Tesla’s market position.

Musk announced that he would immediately decommission SpaceX’s Dragon spacecraft in reaction to Trump’s threats.

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This situation is unfortunate for Musk, who is dissatisfied with the One Big Beautiful Bill because it lacks the policies he desired, said White House press secretary Karoline Leavitt in response to inquiries about Musk’s tweets regarding Epstein. The President is focused on passing this historic legislation to improve our country.

Tesla’s shares dropped over 14%, resulting in a loss of approximately $138 billion in the company’s total market capitalization.

The Bloomberg Billionaires Index reported that Musk’s net worth decreased by $34 billion following the events of Thursday, marking one of the largest single-day losses for the CEO.

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In November 2021, Musk conducted a Twitter poll asking his followers if he should sell 10% of his Tesla stock. More than 57% of the 3.5 million respondents answered “yes.”