Elon Musk’s net worth took a significant hit on Thursday, June 5, dropping by $34 billion in one of the largest single-day losses of his personal wealth, according to the Bloomberg Billionaires Index.
The sharp decline came after Musk posted a series of tweets accusing President Trump of having ties to Jeffrey Epstein and suggesting that Musk had a key role in helping Trump win the 2024 election. In retaliation, Trump threatened to revoke federal contracts with Musk’s companies and remove the electric vehicle (EV) tax credit that Tesla heavily benefits from, introduced under President Biden’s 2022 Inflation Reduction Act. In response, Musk threatened to decommission SpaceX’s Dragon spacecraft.
White House press secretary Karoline Leavitt addressed the situation, saying, “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.”
Tesla’s stock plummeted by over 14%, wiping out roughly $138 billion of the company’s market value.
Bloomberg Billionaires Index estimated that Musk’s net worth took a $34 billion hit after the fallout, marking one of his largest single-day losses.
Back in November 2021, Musk triggered another major loss when he asked his Twitter followers whether he should sell 10% of his Tesla stock. More than 57% of 3.5 million voters said “Yes,” which led to a 16% drop in Tesla shares that week, resulting in a $50 billion loss to Musk’s net worth.
