The CEO of Tesla and SpaceX, Elon Musk has reportedly seen his net worth decrease by $34 billion following feud with President Donald Trump of the United States.
The drop, according to Bloomberg Billionaires Index, ranks among the “largest single-day losses ever recorded for an individual”.
Tesla’s market capitalisation dropped by 14 oer cent – estimated at $138 billion – with $34bn of the portion belonging to the billionaire.
Musk’s feud with Trump began after the President proposed a “Big Beautiful Bill” spending bill, which he strongly criticised.
The House of Representatives swiftly passed the bill – but Musk believed it would increase government spending and undermine the work of Department of Government Efficiency, which he previously headed.
Trump disagreed with the businessman and accused him of being upset because his administration removed electric vehicle tax credits – an incentive for buyers of Tesla.
The President also threatened to cancel all governmet contracts with Musk’s businesses, including SpaceX, a company holding federal agreements worths hundred of billions.
Reacting to the threat of his X social media platform, Musk urged Trump to ‘go make my day’.
He also alleged that Trump is named in the files of late paedophile financier Jeffrey Epstein.
“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files,” Musk posted on X. “That is the real reason they have not been made public.
“Have a nice day, DJT! Mark this post for the future, The truth will come out.”
