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Elon Musk’s net worth has taken a hit amid the billionaire’s heated exchanges on social media with President Donald Trump. On June 6, the Bloomberg Billionaires Index recorded a $34 billion fall in Musk’s net worth, the second-largest fall in wealth.
According to Bloomberg, Elon Musk’s current net worth stands at $334.5 billion, down 9% from $368.4 billion.
The business news publication attributed the fall in Tesla CEO’s wealth to his online feud with President Trump, which saw the former colleagues battling it out over Musk’s vitriolic criticisms of Trump’s ‘big beautiful bill.’
A look at Elon Musk’s wealth in the wake of the $34 billion fall in his net worth
Previously, Elon Musk’s net worth had greatly benefited from his support of the re-election campaign of President Trump. Even before Trump was inaugurated, Musk’s net worth reached its peak of $486.4 billion on December 17, 2024, as per Bloomberg.
The recent growth in Musk’s net worth was tied to his support of President Trump, long before the two began engaging in a back-and-forth related to President Trump’s bill focused on government spending. Just last month, Forbes noted that Musk’s wealth had increased by roughly $170 billion after he declared that he would be supporting Trump in the 2024 elections, a couple of days after Trump was shot at during a political rally in July.
According to Forbes, Musk’s SpaceX’s valuation also dramatically increased in the wake of his endorsement of Trump, and as of May 2025, before tensions began brewing between Musk and the President, SpaceX was valued at $350 billion.
On June 6, President Trump referred to Musk’s business interests tied to subsidies provided by the U.S. government on Truth social media platform, and wrote:
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts.”
In a since-deleted tweet, Musk highlighted SpaceX’s ongoing projects with the government, according to People Magazine, and wrote:
“In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately.”
Soon enough though, the tech billionaire took back his assertions and informed netizens that he wont be decommissioning Dragon. As per People Magazine, SpaceX had entered into a $843 million contract with NASA in 2024. At the time of the writing of this article, the impact of Musk and Trump’s feud on SpaceX’s interests is unknown.
Tesla has suffered grave consequences due to the conflict between its CEO and President Trump. Bloomberg reports that the electric vehicle manufacturer’s shares dropped by 14% to $284.70 on June 5. Musk’s interests in the electric car industry were alluded to by President Trump when speaking about Musk’s disparagement of his ‘big beautiful bill.’ According to PBS Newshour, during a meeting at the Oval Office, when asked about Musk’s criticisms, Trump said:
“Elon is upset because we took the EV mandate, which was a lot of money for electric vehicles, and they’re having a hard time, the electric vehicles, and they want us to pay billions of dollars in subsidy.”
Elon Musk’s xAI Holdings, valued at $113 billion, had recently seen an increase in its worth, according to Forbes. However, Bloomberg estimates that the company, which includes social media platform X, might suffer negative consequences as a result of the recent trouble between Trump and Musk. The financial news outlet also predicts a similar consequence for Musk’s startup, Neuralink, which was valued at $9 billion recently.
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