Elon Musk’s net worth dips $34 billion overnight amid feud with Donald Trump | Company Business News

As the Tesla share price crashed 14% and lost $150 billion in market value on Thursday, Elon Musk’s net worth, the world’s richest man and CEO of the top EV maker, took a significant hit.

On June 6, 2025, the net worth of Elon Musk dropped nearly $33.9 billion in a day, according to the Bloomberg Billionaires Index, while it fell around $97.9 billion on a year-to-date basis.

Notably, Musk still ranks first in the index with a net worth of $335 billion on June 6, 2025, followed by Meta founder Mark Zuckerberg with $241 billion wealth.

Tesla’s market rout — What does it mean for Musk’s wealth?

Tesla shares plunged 14.26% to close at $284.70 apiece on Thursday. The share price declined significantly amid the ongoing public spat between Elon Musk and US President Donald Trump, shrinking the market capitalisation of the electric vehicle (EV) maker by approximately $150 billion.

However, Tesla remains the most valuable automobile company across the globe with a market value of $1 trillion on Wednesday.

The significant drop in Tesla’s share price impacted the tech-heavy Nasdaq Composite, resulting in a decline of 162.04 points, or 0.83%, closing at 19,298.45. The Dow Jones Industrial Average decreased by 0.25% to 42,319.74, and the S&P 500 fell 0.53% to 5,939.30.

Despite the significant loss Musk suffered on Thursday, it may not reflect the entirety of the impact on his wealth, as it does not account for any decline in the value of his private enterprises, a crucial source of his net worth.

In December, SpaceX, the world’s leading private startup, achieved a valuation of $350 billion during an insider share sale, contributing an additional $50 billion to Musk’s wealth. This was influenced by expectations that the company would benefit from Musk’s connections to the Trump administration, Bloomberg reported.

His other ventures, including AI and social media company xAI Holdings, may be impacted by a public spat as Trump’s wealth is connected to Trump Media & Technology Group Corp.

Elon Musk and Donald Trump feud

The fall in share price and market capitalisation comes as former DOGE head Elon Musk slammed Donald Trump’s ‘big, beautiful bill.’ Trump fired back, alleging that Musk was upset because the bill removed tax benefits for electric vehicle purchases, while investors were concerned that their deteriorating relationship could damage Musk’s vast business.  

Musk’s net worth has dipped several times in the past. However, the situation is more critical this time as Trump suggested terminating his government contracts, which could significantly impact Tesla and SpaceX’s revenue.

Responding to Trump, Musk wrote, “Go ahead, make my day.” He further claimed that Trump’s name appears in the files related to the late New York financier Jeffrey Epstein. 

Musk also announced that SpaceX would start decommissioning its Dragon spacecraft, which serves as a vital link to space for the US. About five hours later, he reversed his decision.