Elon Musk’s net worth plummets by $34B amid escalating feud with President Trump

Tesla CEO Elon Musk’s net worth plunged this week during his and President Donald Trump’s verbal rift.  

The significant drop brought his net worth down to $334.5 billion late Thursday, according to Bloomberg, which tracks the personal fortunes of the world’s richest people through its Bloomberg Billionaires Index. By Friday’s close of trading,  it rebounded to $393.8 billion as Tesla’s stock recovered slightly, according to Forbes. 

It marked the second-biggest drop that Bloomberg has ever seen with its index.

Musk’s net worth comes from his stake in Tesla where he is the largest individual shareholder. He also has stakes in SpaceX, NeuraLink and The Boring Company. 

Tesla lost $165 billion in market cap this week, as tracked by Dow Jones Market Data Group. Shares closed down 14% for the week amid the billionaire and the president jabbing at each other on their respective social media platforms, X and Truth Social.  

INVESTOR NIGHTMARE: HOW THE TRUMP-MUSK FALLOUT IS CRUSHING TESLA STOCK

In recent days, Musk has repeatedly railed against the reconciliation package, which Trump has dubbed the “big, beautiful bill.” 

He has called the GOP’s One Big Beautiful Bill Act a “disgusting abomination” and urged Republican lawmakers to kill the bill due to its projected impact on budget deficits. 

Trump spoke to the press on Thursday during a White House meeting with German Chancellor Friedrich Merz and said he was “very disappointed” with Musk’s criticism of the bill and suggested Musk was aware that Tesla’s EV subsidies would be cut. 

TRUMP SAYS HE’S ‘VERY DISAPPOINTED’ IN ELON MUSK FOR OPPOSING ‘BIGGEST TAX CUTS IN HISTORY’

However, Musk said on X that the bill “was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!”

As the men continued to trade barbs through their social media platforms, Trump indicated he might “terminate Elon’s Governmental Subsidies and Contracts” to save money and claimed he “asked” Musk to leave his role in the federal government, while Musk said he was the reason Trump won the 2024 election.

Musk also said SpaceX would decommission its Dragon spacecraft but later walked that back. 

MUSK SWIFTLY BACKPEDALS AFTER DECLARING AMID TRUMP FEUD THAT SPACEX WILL START DECOMMISSIONING DRAGON

Despite losing billions this week, Musk maintained his title as the wealthiest person on earth, per Forbes. 

Following Musk, Meta Platforms CEO Mark Zuckerberg is the second richest with a net worth of $240.8 billion; Amazon founder Jeff Bezos came in third at $228.1 billion, with Oracle founder Larry Oracle rounding out at $213.3 billion, per Forbes. 

Musk’s personal fortune most recently crossed the $300 billion threshold in November after having previously done so in January 2022.

At one point in December 2024, it soared to $439.2 billion.

Eric Revell contributed to this report, which was updated with closing stock prices on 6/6/25.