Signature Bill Saga: Elon Musk Loses $34 Billion Amidst Fallout With Trump

Elon Musk and Trump

Elon Musk’s net worth dropped nearly $34 billion in a single day on June 6, 2025, after Tesla shares crashed 14.26%, wiping out $150 billion in market value. The fallout? A very public feud between Musk and former President Donald Trump.

Despite the massive hit, Musk remains the world’s richest person, with a net worth of $335 billion, according to the Bloomberg Billionaires Index. Meta’s Mark Zuckerberg trails in second with $241 billion.

Tesla stock closed at $284.70 on Thursday, dr+gging the Nasdaq down 0.83%, the S&P 500 down 0.53%, and the Dow down 0.25%. Tesla still holds its crown as the world’s most valuable automaker, worth $1 trillion as of Wednesday.

The market drop comes as Musk clashed with Trump over a proposed EV-related bill. Trump reportedly axed EV tax credits, drawing backlash from Musk. Trump fired back, alleging Musk’s frustration stemmed from losing federal perks—and warning that Musk’s government contracts could be cut.

Musk responded online with, “Go ahead, make my day”, and escalated the drama by suggesting Trump’s name appears in files related to Jeffrey Epstein.

The feud spooked investors, raising fears that political tensions could threaten Musk’s businesses, especially SpaceX, which was valued at $350 billion in December. SpaceX is a major U.S. contractor and a cornerstone of Musk’s empire.

In a dramatic twist, Musk also announced plans to retire SpaceX’s Dragon spacecraft, a key vehicle for NASA missions—only to reverse the decision hours later.

While Musk’s wealth has seen sharp drops before, this episode signals deeper risks as political fallout intersects with his business empire.

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