Elon Musk Loses $34 Billion In One Day Amid Clash With Trump
Elon Musk lost $34 billion in a single day on Thursday, June 5, following a heated exchange with former U.S. President Donald Trump.
The Tesla and SpaceX CEO had posted a series of controversial tweets, alleging ties between Trump and Jeffrey Epstein, and claiming Trump was instrumental in the 2024 presidential outcome.
Trump fired back, threatening to revoke federal contracts awarded to Musk’s companies.
He also warned of removing the $7,500 electric vehicle (EV) tax credit under President Biden’s Inflation Reduction Act—an incentive that benefits Tesla buyers.
In a swift response, Musk announced plans to decommission SpaceX’s Dragon spacecraft.
“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,” said White House press secretary Karoline Leavitt in a response to Business Insider.
“The President is focused on passing this historic piece of legislation and making our country great again,” she added.
Tesla shares dropped by over 14%, wiping off $138 billion from the company’s market value.
According to Bloomberg, $34 billion of that loss came from Musk’s personal stake.
This is not the first time Musk’s tweets have caused financial turbulence.
In November 2021, he polled Twitter users on whether to sell 10% of his Tesla stock.
Over 57% of 3.5 million participants voted “yes,” leading to a 16% drop in Tesla shares and a $50 billion hit to Musk’s fortune.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
