Elon Musk’s Net Worth Plunged by $34B After Trump Feud. He’s Still the World’s Richest Person Though
Elon Musk’s personal net worth took a huge hit following his recent spat with President Donald Trump. The SpaceX and Tesla CEO’s net worth plunged by $34 billion on Thursday, June 5, according to Bloomberg, which went on to note that was the second-largest loss in the history of the Bloomberg Billionaires Index.
Musk’s net worth experienced an even bigger loss in his net worth in November 2021, the outlet reported.
Still, Musk remains the richest person on the planet with an estimated total net worth of $342 billion as of Sunday, June 8, according to their index. He is followed by Mark Zuckerberg with $246 billion; Jeff Bezos with $234 billion; Larry Ellison with $196 billion; and Bill Gates with $176 billion.
The news comes as tensions between the SpaceX CEO, 53, and the president, 78, reached a fever pitch on June 5 — days after Musk announced he was departing the new Department of Government Efficiency (DOGE).
Musk earlier blasted Trump’s “Big Beautiful Bill” on his social media platform X, describing it as a “massive, outrageous, pork-filled Congressional spending bill” and “a disgusting abomination.”
In another X post, Musk further claimed the legislation: “will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt.”
Trump fired back at Musk in a post shared on Truth Social, saying “the easiest way” for the U.S. government to save money is to “terminate Elon’s Governmental Subsidies and Contracts.”
Musk rebutted on X shortly after, writing: “In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately.”
But a few hours later, Musk appeared to walk back his comment after user “Fab25june” suggested the SpaceX leader “cool off and take a step back for a couple of days.”
“Good advice,” Musk answered. “Ok, we won’t decommission Dragon.”
Last year, NASA announced SpaceX was given a $843 million contract to help deorbit the International Space Station, which will see the end of its operational life in 2030.
Prior to his clash with Trump, Musk’s net worth was at an all-time high nearing $500 billion after Trump’s win in the presidential election last November, Bloomberg reported.
Additionally, amid the feud, Tesla saw its shares drop 14% on June 5 to $284.70.
