Reason why Elon Musk lost eye-watering $34,000,000,000 in 24 hours following public spat with Donald Trump
The world's richest man's financials have taken a hit, with Elon Musk's public fallout with President Donald Trump costing him him dearly.
Known for his business ventures including Tesla and SpaceX, the tech billionaire has been slowly amassing his fortune since he made $175.8 million when PayPal was sold to eBay in 2002.
Elon Musk might still be far and away the world's richest, but we're sure a $34 billion loss will be hitting him hard in the pocket. It all comes after a series of scandalous tweets, vowing to pull his SpaceX Dragon rocket out of service, calling for Donald Trump to be impeached, and claiming the POTUS' name is lurking in the Epstein Files.
Trump has largely brushed most off this off, claiming Musk is suffering from 'Trump Derangement Syndrome', and while the X owner has since deleted his Epstein post, it seems the damage has already been done.
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We already covered how Tesla lost $150 billion overnight, so it's no surprise that Musk's personal wealth has also take a nosedive.
$34 billion is nothing to be sniffed at, with this amount being marked as the second-biggest single day loss of personal wealth in the entire human history.
As reported by Bloomberg, this amount "doesn’t reflect any damage to the value of his private enterprises — an increasingly important source of his net worth."
Musk occupies the top and second spot for biggest loss in personal wealth ever, with his recent fumbles only being slightly better than his December 2022 loss when he became the first person to ever lose $200 billion.
Although Tesla originally boomed during Trump's second term, the electric car manufacturer has faced a 33% loss since Inauguration Day.
Even though Musk still has plenty in the bank, Trump has threatened his business.
Posting on Truth Social, the President said: "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it."
Still, The New York Times has warned how NASA and the Pentagon are 'intensely reliant' on SpaceX. The outlet says Trump has ways to 'punish' Musk, with federal regulators potentially coming down hard and pulling a U-turn on the regulations that initially helped his business. Former White House contracts lawyer Steven L. Schooner said: "In an administration that has defined itself by reducing regulation and oversight, it would not be difficult to selectively ramp up oversight again."
Trump could suspend Musk's security clearance as he's done with some of its Biden-era critics, possible making it harder for Musk to continue as SpaceX's head.
With Musk's wealth currently sitting at $392.8 billion, it's quite the drop from the $464 billion he was worth in December 2024.