US: Elon Musk’s net worth drops by $34bn amid feud with Trump

Tesla owner, Elon Musk lost $34 billion from his net worth on Thursday, following a heated exchange with United States President, Donald Trump over policy disagreements.

According to 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 hit back by accusing Musk of being displeased over the removal of electric vehicle tax credits, a move that directly affects Tesla buyers.

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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 currently holds government agreements worth tens of billions of dollars.

Musk responded defiantly, posting, “Go ahead, make my day.” In a further move, he announced plans to decommission the Dragon spacecraft operated by SpaceX.

Reacting to the 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 tumbling by over 14 per cent, wiping out around $138 billion in market value. Musk’s personal stake accounted for $34 billion of that loss.

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