Elon Musk, Tesla owner has lost $34 billion from his net worth since the start of his feud with the United States president, Donald Trump over policy disagreements.
Following the information on figures released on Friday by the Bloomberg Billionaires Index, the plunge ranks among the biggest single-day losses ever recorded for an individual.
This came in the wake of Musk’s criticism of the president’s latest spending bill, described by Trump as a “Big Beautiful Bill” as well as new tariffs, which Musk warned could trigger a recession later this year.
Trump fired back at Musk, accusing him of being upset about the elimination of electric vehicle tax credits, a move that directly affects Tesla buyers.
He also withdrew the nomination of Musk ally Jared Isaacman to lead NASA and threatened to sever federal contracts with Musk’s companies, including SpaceX, which are currently holding government agreements worth tens of billions of dollars.
Musk responded unapologetically, posting, “Go ahead, make my day.” In a further move, he announced plans to decommission the Dragon spacecraft operated by SpaceX.
In response to this new development, White House Press Secretary Karoline Leavitt said, “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.”
The row sent Tesla shares crumbling by over 14 per cent, wiping out around $138 billion in market value. Musk’s personal stake accounted for $34 billion of that loss.