Elon Musk’s net worth dropped by $34 billion on Thursday, June 5, one of the worst single-day wipeouts of his personal wealth, per the Bloomberg Billionaires Index.
The massive loss in net worth followed a series of tweets from Musk, claiming that President Trump had ties to Jeffrey Epstein and suggesting he that he played an important role in helping Trump win the 2024 election.
Elon Musk–Donald Trump feud updates
In response, Trump threatened to cut federal contracts with Musk’s companies and take away his EV (electrical vehicle) mandate which was introduced as a tax credit under former President JoeBiden’s administration under the 2022 Inflation Reduction Act offering up to $7,500 off electric car purchases, which benefited Tesla ranking it high on the U.S. market.
Musk said he’d immediately decommission SpaceX’s Dragon spacecraft in response to Trump’s threat.
‘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,’ White House press secretary Karoline Leavitt said in response to BI’s inquiry regarding Musk’s Epstein post. ‘The President is focused on passing this historic piece of legislation and making our country great again.’
Elon Musk net worth today
Tesla shares plummeted more than 14%, representing about a $138 billion wipeout of the company’s total market cap.
Bloomberg Billionaires Index estimated that $34 billion from Musk’s net worth was wiped out after Thursday’s fallout, representing one of the CEO’s biggest single-day losses.
