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

Elon Musk’s net worth dropped by $34 billion on Thursday,  June 5, one of the worst single-day wipeouts of his personal wealth, according to the Bloomberg Billionaires Index.

The massive loss in net worth followed a series of tweets from Musk, claiming that President Trump had ties to Jeffrey Epstein and suggesting he that he played an important role in helping Trump win the 2024 election. read here.

In response, Trump threatened to cut federal contracts with Musk’s companies and take away his EV (electrical vehicle) mandate which was introduced as a tax credit under former President JoeBiden’s administration under the 2022 Inflation Reduction Act offering up to $7,500 off electric car purchases, which benefited Tesla ranking it high on the U.S. market. read here. 

Musk said he’d immediately decommission SpaceX’s Dragon spacecraft in response to Trump’s threat.

“This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted,” White House press secretary Karoline Leavitt said in response to BI’s inquiry regarding Musk’s Epstein post. “The President is focused on passing this historic piece of legislation and making our country great again.”

Tesla shares plummeted more than 14%, representing about a $138 billion wipeout of the company’s total market cap.

Bloomberg Billionaires Index estimated that $34 billion from Musk’s net worth was wiped out after Thursday’s fallout, representing one of the CEO’s biggest single-day losses.

In November 2021, Musk put up a poll on Twitter, asking his followers if he should sell 10% of his Tesla stock. More than 57% of 3.5 million responders said, “Yes.”

The post triggered a 16% decline in Tesla shares that week, leading to a $50 billion loss in the executive’s net worth.