Elon Musk’s net worth plunged by $34 billion on Thursday, June 5—one of the sharpest single-day declines in his personal fortune, according to the Bloomberg Billionaires Index.
The staggering loss came after Musk posted a series of controversial tweets, alleging that President Donald Trump was linked to Jeffrey Epstein and played a central role in helping Trump win the 2024 election.
In response, Trump threatened to revoke federal contracts with Musk’s companies and eliminate Tesla’s electric vehicle (EV) tax incentives, a key component of the 2022 Inflation Reduction Act under President Joe Biden. The EV mandate offers buyers up to $7,500 in credits and has significantly boosted Tesla’s dominance in the U.S. market.
Musk retaliated by announcing he would decommission SpaceX’s Dragon spacecraft, escalating tensions further.
“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 statement to Business Insider. “The President is focused on passing this historic piece of legislation and making our country great again.”
Tesla shares plummeted more than 14% following the public feud, erasing roughly $138 billion from the company’s market capitalization. Bloomberg reported that Musk personally lost $34 billion as a result, marking one of his biggest financial setbacks since November 2021, when a Twitter poll about selling 10% of his Tesla stock led to a $50 billion drop in his net worth.