Elon Musk’s Fortune Drops $34 Billion Amid Feud with President Trump
Elon Musk’s net worth plummeted by $33.9 billion on Thursday, marking the second-largest loss ever recorded in the Bloomberg Billionaires Index.
This significant drop is attributed to the 14% slump in Tesla’s stock price, which wiped out $150 billion from the company’s market value.
The tension between Musk and President Trump began when Musk publicly criticized Trump’s flagship budget and tax plan, calling it “wasteful” and a “disgusting abomination”. .Trump retaliated by threatening to cut off federal contracts and subsidies for Musk’s businesses, including Tesla and SpaceX.
Tesla’s shares plunged 14.26% to close at $284.70, erasing approximately $150 billion in market value.
This sharp decline has left Tesla’s market capitalization below the $1 trillion threshold.
Musk’s personal net worth took a significant hit, with an estimated loss of $34 billion, despite still being the world’s richest person with a net worth of $335 billion.
