By Abiola Olawale
Tech billionaire and founder of Tesla, Elon Musk has reportedly seen his net worth drop by $33.9 billion in a single day on June 6, 2025, following a heated public feud between him and United States President Donald Trump.
The New Diplomat reports that the clash erupted over Trump’s controversial “Big Beautiful Bill.”
According to the Bloomberg Billionaires Index report, the clash between Trump and Musk sent Tesla’s stock spiraling downward, wiping out billions in market capitalization.
The report said Trump’s remarks, coupled with the scrapping of electric vehicle (EV) tax incentives, sent Tesla shares plummeting 14.26% to close at $284.70, marking the company’s largest single-day drop in nearly five years.
The feud began when Musk, who had previously supported Trump during the 2024 election, publicly criticized the president’s spending bill, calling it a “disgusting abomination” that would balloon the national debt.
Trump retaliated on Truth Social, accusing Musk of acting out of self-interest and threatening to terminate billions in federal subsidies and contracts for Musk’s companies, including Tesla and SpaceX.
Musk escalated the conflict by alleging that Trump’s name appears in sealed Jeffrey Epstein files, a claim that sparked outrage among Trump allies and further fueled market volatility.
The tech billionaire also shared a 1992 video of Trump socializing with Epstein, intensifying the public spat.
This isn’t the first time Musk’s tweets have had financial consequences. In November 2021, he ran a Twitter poll asking if he should sell 10% of his Tesla stock. Over 57% of 3.5 million participants voted “yes,” prompting a 16% drop in Tesla shares that week and wiping out $50 billion from Musk’s net worth.
