Friday, June 6, 2025 - Elon Musk's net worth dropped by $34 billion on Thursday, June 5, one of the worst single-day wipeouts of his personal wealth, according to the Bloomberg Billionaires Index.
The massive loss in net worth followed a series of tweets
from Musk, claiming that President Trump had ties to Jeffrey
Epstein and suggesting he that he played an important role in helping
Trump win the 2024 election.
In response, Trump threatened to cut federal contracts with
Musk’s companies and take away his EV (electrical vehicle) mandate which was
introduced as a tax credit under former President JoeBiden’s
administration under the 2022 Inflation Reduction Act offering up to $7,500 off
electric car purchases, which benefited Tesla ranking it high on the U.S.
market.
Musk said he'd immediately decommission SpaceX's Dragon
spacecraft in response to Trump's threat.
"This is an unfortunate episode from Elon, who is
unhappy with the One Big Beautiful Bill because it does not include the
policies he wanted," White House press secretary Karoline Leavitt said in
response to BI's inquiry regarding Musk's Epstein post. "The President is
focused on passing this historic piece of legislation and making our country
great again."
Tesla shares plummeted more than 14%, representing about a
$138 billion wipeout of the company's total market cap.
Bloomberg Billionaires Index estimated that $34 billion from
Musk's net worth was wiped out after Thursday's fallout, representing one of
the CEO's biggest single-day losses.
In November 2021, Musk put up a poll on Twitter, asking his
followers if he should sell 10% of his Tesla stock. More than 57% of 3.5
million responders said, "Yes."
The post triggered a 16% decline in Tesla shares that week,
leading to a $50 billion loss in the executive's net worth.
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