• 06 Jun, 2025
• FAITH MIMDOO KEGH
• No comment

Elon Musk Loses $34 Billion in One Day Amid Feud with Trump.

Elon Musk’s net worth dropped by \$34 billion on June 5, marking one

of the largest single-day losses in his fortune, according to the Bloomberg Billionaires Index.

The sharp decline followed a public dispute with former President Donald Trump, sparked by a series of controversial tweets from Musk. Musk accused Trump of connections to Jeffrey Epstein and suggested Trump played a key role in securing the 2024 presidential election win.

In response, Trump threatened to pull federal contracts from Musk’s companies and warned about removing the electric vehicle tax credit that benefits Tesla buyers—a tax incentive introduced under President Biden’s Inflation Reduction Act.

Musk fired back by threatening to retire SpaceX’s Dragon spacecraft.

White House Press Secretary Karoline Leavitt described Musk’s comments as an “unfortunate episode,” emphasizing the administration’s focus on passing key legislation.

The controversy caused Tesla’s stock to fall over 14%, wiping out about \$138 billion in market value. Of this, \$34 billion was linked directly to Musk’s personal holdings.

This isn’t Musk’s first experience with financial impact due to tweets. In November 2021, a Twitter poll he conducted about selling Tesla shares led to a 16% drop in the company’s stock and a \$50 billion reduction in his net worth.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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