Elon Musk’s net worth took a historic $34 billion hit on Thursday following a bitter public spat with President Donald Trump. The Bloomberg Billionaires Index recorded this as one of Musk’s most significant single-day losses.
The dispute began when Musk criticized Trump’s “Big Beautiful Bill,” calling it a “disgusting abomination” that would dangerously increase the federal deficit. Trump fired back, accusing Musk of being disgruntled over the elimination of electric vehicle tax credits, which have been instrumental in boosting Tesla sales. Trump also withdrew support for Musk’s ally Jared Isaacman’s NASA nomination and threatened to cancel government contracts with Musk’s companies, including SpaceX.
Musk responded boldly on social media, posting, “Go ahead, make my day,” and announced he would decommission SpaceX’s Dragon spacecraft as retaliation. White House Press Secretary Karoline Leavitt described Musk’s behavior as “an unfortunate episode,” emphasizing the administration’s focus on passing the legislation and revitalizing the country.
Tesla shares tumbled more than 14 percent amid the controversy, erasing $138 billion in market value, with Musk personally losing $34 billion. This incident follows a pattern where Musk’s social media activity has caused significant financial repercussions, notably a $50 billion loss in 2021 triggered by a Twitter poll.