Billionaire Elon Musk (left) and U.S. President Donald Trump. Photo by AFP
Elon Musk lost US$33.9 billion in net worth on Thursday amid his public feud with U.S. President Donald Trump, marking one of the largest single-day losses for the tech billionaire.
It was the second-biggest drop ever recorded on the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest people, with the only larger one being Musk’s own wipeout in November 2021.
The highly public clash between Musk and Trump began when Musk criticized Trump’s signature “Big, Beautiful Bill” and intensified as Trump suggested canceling government contracts tied to Musk’s companies, which could affect the revenues of both Tesla and SpaceX, according to Bloomberg.
Going head-to-head with Trump could also create a series of regulatory and political challenges for Musk. Tesla’s plans to roll out self-driving vehicles without steering wheels or pedals heavily depends on the U.S. Department of Transportation, which oversees vehicle safety standards. The agency is also currently investigating the carmaker’s driver-assistance software, “Full Self-Driving,” following a fatal accident.
As tensions mounted, traders dumped Tesla in heavy trading as they grew increasingly concerned about the impact on Musk’s business empire, Reuters reported.
The carmaker’s shares plunged 14% by the end of the day, wiping out $150 billion in its market value.
Despite the latest hit, Musk still holds the title of the world’s richest person with an estimated net worth of $334.5 billion.
Musk previously lost $50 billion in 2021 after he created a poll on Twitter asking if he should sell 10% of his Tesla stock. Over 57% of 3.5 million Twitter users voted yes, triggering a 16% drop in Tesla shares and wiping $50 billion off his net worth, according to Business Insider.
