Elon Musk’s net worth dropped by $34 billion following a public clash with U.S. President Donald Trump. The drop, reported by Bloomberg, is the second-largest single-day loss ever recorded in the Bloomberg Billionaires Index. Tesla shares plunged 14% to close at $284.70.
The feud escalated after Musk criticized a federal budget bill, calling it a “disgusting abomination” and warning it would increase the U.S. deficit to $2.5 trillion. Trump, in response, expressed disappointment in Musk for his opposition, claiming Musk had deep knowledge of the bill and threatening to revoke federal contracts awarded to his companies.
Musk denied knowing the bill’s contents, saying it was passed hastily without proper scrutiny. He also accused Trump of ingratitude, asserting that his support was crucial to Trump’s previous electoral success.
The bill in question includes major spending provisions such as extended tax cuts and $46.5 billion for U.S.–Mexico border barriers.
