Elon Musk’s net worth plunges drastically by $30B amid dramatic fallout with 'buddy' Trump
WASHINGTON, DC: Elon Musk’s catastrophic fallout with President Donald Trump has taken a major hit at Tesla’s stock price and the CEO’s net worth.
The tech billionaire’s net worth fell by $33.9 billion in a single day after Tesla’s shares nosedived by about 14.2% at the market close on Thursday, June 5, as per a report by Forbes’ real-time Billionaires tracker.
The big drop in Musk’s net worth came as he traded barbs with Trump following his fierce attacks on the president’s "big beautiful bill," which would expand spending on border security and defense, and prolong Trump's 2017 tax cuts.
Elon Musk's net worth shrinks by $34 billion
Elon Musk’s dramatic rift with Donald Trump has backfired brutally, with the tech mogul losing $33.9 billion off his net worth.
However, he is still ranked first in the index with a net worth of $335 billion on June 6, 2025, followed by Meta founder Mark Zuckerberg with a $241 billion net worth, according to The Wrap.
Musk’s net worth took a major drop as Tesla's stock price saw its second-largest decline since the COVID-19 outbreak shook the market in 2020.
Tesla’s shares dropped by about 14.2% on Thursday at market close, wiping roughly $152bn off the value of the company. The company’s share price closed at $284.70 apiece after the steep fall, dragging down broader markets.
Tesla has struggled throughout the year amid declining sales and buyers around the world rejecting the automaker due to Musk’s association with far-right politics.
The drop in Tesla’s share prices came as Trump suggested cutting Musk’s government subsidies and contracts, of which both Tesla and SpaceX have been immense beneficiaries.
Musk, meanwhile, called for Trump's impeachment, mocked the president's signature tariffs, accused him of having ties to infamous Jeffrey Epstein, and threatened to decommission the SpaceX rocket that NASA uses for cargo missions.
Elon Musk appears to extend an olive branch
Elon Musk attempted to de-escalate his spiraling feud with Trump after exchanging insulting personal insults on social media.
As the feud between former besties spiraled further, billionaire hedge fund manager Bill Ackman stepped into the fray, posting a plea on X for the two men to reconcile "for the benefit of our great country," warning that "we are much stronger together than apart."
Musk, who became one of Trump's closest backers during the election campaign and later as head of his DOGE cost-cutting committee, answered with a simple but telling statement: "You're not wrong."
Some saw the surprise comment as an olive branch, implying that he is trying to de-escalate their feud, which erupted in public after weeks of suspected friction, according to the Daily Mail.
Trump's aides are apparently planning a call between the president and his erstwhile "first buddy" for Friday to smooth over the crisis that threatens to splinter MAGA and destabilize Washington.
