Donald Trump Feud Wipes $34 Billion From Elon Musk’s Net Worth

Last Updated:June 06, 2025, 22:35 IST

The plunge was largely driven by a sharp 14% drop in Tesla’s share price, which coincided with an increasingly public war of words between Elon Musk and Donald Trump.

Elon Musk (Reuters Image)

Tesla CEO Elon Musk’s personal fortune shrank by a staggering $34 billion as tensions escalated between him and US President Donald Trump. The drop brought Elon Musk’s net worth down to $334.5 billion, according to the Bloomberg Billionaires Index- marking the second-largest single-day wealth decline ever recorded by the index.

Tesla Shares Tumble 14%

The plunge was largely driven by a sharp 14% drop in Tesla’s share price, which coincided with an increasingly public war of words between Elon Musk and Donald Trump. Elon Musk’s wealth is tied heavily to his stake in Tesla, SpaceX, and other private ventures.

Clash Over ‘Big, Beautiful Bill’

At the heart of the feud is the proposed reconciliation package, nicknamed the “Big Beautiful Bill" by Donald Trump. Elon Musk called it a “disgusting abomination," accusing it of worsening the US deficit and urging Republican lawmakers to kill it.

Donald Trump hit back saying he was “very disappointed" with Elon Musk’s stance and suggesting that the Tesla boss knew electric vehicle subsidies would be slashed under the bill.

‘It Was Never Shown to Me’, Elon Musk Said

Elon Musk denied having seen the bill, saying on X that it “was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!"

As the spat escalated, Donald Trump warned that he might “terminate Elon’s governmental subsidies and contracts" and claimed he had asked Elon Musk to step down from his federal advisory roles. Elon Musk retaliated, claiming he was responsible for Donald Trump’s 2024 election victory.

Elon Musk Is Still World’s Richest Man

Despite the massive loss, Elon Musk retained his title as the world’s richest person. He remains nearly $90 billion ahead of Meta CEO Mark Zuckerberg (net worth: $241 billion) and around $105 billion ahead of Amazon founder Jeff Bezos (net worth: $229 billion).

Mallika Soni

When not reading, this ex-literature student can be found searching for an answer to the question, "What is the purpose of journalism in society?"

When not reading, this ex-literature student can be found searching for an answer to the question, "What is the purpose of journalism in society?"

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News world Donald Trump Feud Wipes $34 Billion From Elon Musk’s Net Worth