Musk Loses $34B In A Day After Trump Clash, Tesla Shares Plunge

Elon Musk’s net worth plunged by $34 billion on Thursday, June 5, following a public clash with former President Donald Trump and a string of controversial tweets, according to the Bloomberg Billionaires Index.

The Tesla and SpaceX CEO alleged Trump had ties to Jeffrey Epstein and claimed he influenced the 2024 election outcome.

Trump fired back, threatening to revoke federal contracts with Musk’s companies and eliminate the $7,500 EV tax credit under the Inflation Reduction Act, a key incentive for Tesla buyers.

In response, Musk threatened to decommission SpaceX’s Dragon spacecraft.

The feud rattled investors, sending Tesla shares down over 14%, slashing $138 billion from its market cap—$34 billion of which hit Musk’s personal fortune.

This marks one of Musk’s largest single-day financial losses and echoes a similar episode in 2021 when his tweets triggered a $50 billion dip in his net worth.