Elon Musk’s $34 Billion Net Worth Loss Follows Heated Trump Exchange

Tesla and SpaceX CEO Elon Musk experienced a $34 billion decline in net worth on Thursday, one of the most significant single-day drops in his fortune, triggered by a public feud with U.S. President Donald Trump.

The conflict started when Musk criticized Trump’s “Big Beautiful Bill,” calling it a “disgusting abomination” that would dangerously increase the federal deficit. Trump responded by accusing Musk of being upset over the removal of electric vehicle tax credits, a key incentive for Tesla buyers, and rescinded the nomination of Musk’s ally Jared Isaacman to lead NASA.

Trump also threatened to terminate government contracts with Musk’s companies, including SpaceX, which holds tens of billions in federal agreements. Musk responded defiantly on social media, stating, “Go ahead, make my day,” and announced plans to decommission SpaceX’s Dragon spacecraft.

White House Press Secretary Karoline Leavitt condemned Musk’s reaction, saying, “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. The President is focused on passing this historic piece of legislation and making our country great again.”

Tesla shares plunged more than 14 percent amid the controversy, erasing $138 billion in market capitalization. Musk’s personal losses accounted for $34 billion. This episode adds to a pattern of Musk’s social media activity causing major financial impacts, including a $50 billion loss in 2021.