Key Takeaways:
- Elon Musk lost $34 billion in one day due to his public feud with Donald Trump.
- Tesla stocks dropped 14 points, and SpaceX fell nearly 5 points.
- Musk remains the world’s richest person despite losing over 9% of his net worth.
- The feud started after Musk left his White House advisory role.
- Trump and Musk clashed over policy decisions and personal attacks.
How the Feud Started
Elon Musk and Donald Trump were once close allies. Musk donated millions to Trump’s campaign and even ran parts of it. Musk also led a task force called DOGE to cut government waste and freeze grants. However, things took a turn when Musk stepped down from his White House role recently.
The tension escalated when Trump pulled the nomination of one of Musk’s friends to lead NASA. Musk was furious and publicly criticized Trump’s policies, especially a controversial bill that cuts taxes while reducing Medicaid and food stamps. He claimed this made the government less financially stable and contradicted the goals of his DOGE task force.
The Fallout
As the feud grew, Trump started pushing back against Musk’s attacks. Musk fired back, calling for Trump’s impeachment and even making shocking accusations about Trump. The public fight had a huge impact on Musk’s businesses and his own wealth.
Tesla’s stock dropped by over 14 points, and SpaceX fell nearly 5 points. This massive drop wiped out $34 billion from Musk’s net worth in just one day. This is the second-largest loss ever recorded by the Bloomberg Billionaires Index, which tracks the 500 richest people in the world. The only bigger loss was Musk’s own $50 billion drop in November 2021.
Musk’s net worth fell by over 9%, bringing it below its peak of nearly $500 billion at the start of the year. Still, he remains the richest person in the world with a net worth of over $300 billion.
Why the Fight Got Personal
The feud between Musk and Trump grew personal quickly. Musk, who once supported Trump heavily, became a vocal critic. He accused Trump of making bad policy decisions and even hinted at serious personal allegations against the former president.
Trump, on the other hand, struck back by defending his policies and questioning Musk’s credibility. The clash between two of the most influential figures in the world grabbed global attention and raised questions about how personal disputes can affect businesses and politics.
What’s Next for Musk?
Despite the recent losses, Musk remains the wealthiest man on Earth. His companies, Tesla and SpaceX, are still leaders in their industries. However, the feud with Trump has brought unwanted attention and financial challenges.
Musk’s decision to leave his White House role and speak out against Trump has sparked debate about the risks of mixing business and politics. As tensions continue to rise, many are wondering what’s next for Musk and how this feud will impact his future ventures.
One thing is clear: the fight between Elon Musk and Donald Trump has already made history as one of the most costly feuds in recent memory. Stay tuned as this story continues to unfold.