Bloomberg: Conflict with Trump costs Musk $34B

Musk's net worth dropped by $34 billion on June 5, one of the worst single-day wipeouts of his personal wealth, according to the Bloomberg Billionaires Index, Report informs referring to Business Insider.

Until Thursday, Musk had mostly kept his criticism geared toward the GOP's "big beautiful bill." Everything changed once Musk's rant against the president turned personal.

Musk denied Trump's characterization that Musk was only critical of the bill because it would remove tax credits that benefit Tesla. He then went further in his tirade, digging up old tweets from the president that appeared to back the CEO's views, accusing Trump of having ties with the late financier and registered sex offender Jeffrey Epstein, and taking credit for helping Trump win the 2024 election.

"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."

Trump responded with his own barbs, threatening to cancel federal contracts with Musk's companies.

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.