Elon Musk, the former controversial leader of DOGE, has reportedly experienced a significant decline in his personal wealth, losing over $34 billion following his departure from the White House and a public fallout with the US President.
Furthermore, Tesla, the company headed by Musk, witnessed a drastic drop in its shares by more than 14% yesterday, resulting in a market value reduction of approximately $150 billion. This decline marks the largest single-day loss in the history of the company.
This decrease in Musk’s net worth is the second most substantial setback he has faced, trailing only behind his previous loss in November 2021, as reported by the Bloomberg Billionaires Index, which ranks the top 500 wealthiest individuals globally.
He remains the richest man in the world, with a huge $334.5 billion fortune.
Musk, who officially left the White House last week, reached a peak of nearly $500 billion in the months after Trump’s election success.
The valuation of his companies had surged thanks to the belief they would profit from his close relationship with Trump and his role as head of the Department of Government Efficiency, it was reported.
But his government contracts with the US were on the line last night as he continued to take part in a savage war with words against Donald Trump, with their partnership breaking down over a tax-cut and spending bill.
‘The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump posted on Truth Social.
Elon Musk has reportedly lost more than £25billion from his personal net worth after his fall from grace at the White House and very online break up with the US PresidentÂ
Musk’s government contracts with the US were on the line last night as he continued to take part in a savage war with words against Donald TrumpÂ
The withdrawal would have potentially huge consequences for his Tesla and SpaceX revenue.Â
SpaceX has been awarded over $17 billion in government contracts since 2015, according to ABC news. Much of that money comes from NASA and the Department of Defence.
One of Trump’s oldest advisors, Steve Bannon, went further and suggested the government seize SpaceX under the Defense Production Act – a move that would undoubtedly trigger challenges.
Musk, who had threatened to decommission the SpaceX Dragon capsule – a critical lifeline for transporting American astronauts and supplies to the International Space Station – ultimately retreated.
After a user on X suggested he ‘cool off and take a step back for a couple of days’, Musk abruptly posted: ‘Good advice. Ok, we won’t decommission Dragon.’
It was not before he claimed that Trump is ‘in the Epstein files’, suggested that he should be impeached and replaced with 40-year-old Vice President J.D. Vance.
Moments before the Epstein charge, Trump had taken to Truth Social and said he had asked Musk to leave his administration and said the billionaire went ‘CRAZY!’Â
With that, Musk announced that it was ‘time to drop a really big bomb.’
Elon Musk dramatically charged that President Donald Trump’s name appears in the files of known pedophile Jeffrey EpsteinÂ
This 1997 photo shows then real estate developer Donald Trump (right) alongside Jeffrey Epstein (left), the pedophile sex offender who died in prison in 2019Â
This 2014 image shows Elon Musk (right) alongside Ghislaine Maxwell (left) who facilitated Jeffrey Epstein’s sex trafficking ring. She’s currently serving time in federal prisonÂ
‘@RealDonaldTrump is in the Epstein files. That is the real reason they have not been made public,’ Musk wrote. ‘Have a nice day, DJT!’
Jeffrey Epstein is a serial child sex offender who died in prison in 2019.
Trump pledged to release the files related to Epstein, with Attorney General Pam Bondi releasing some pages in February, but most of that information was already in the public domain.
‘Mark this post for the future. The truth will come out,’ Musk added.
Asked for comment, White House press secretary Karoline Leavitt told the Daily Mail in a statement: ‘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.’
The brawl started when the X-owner had originally campaigned to stop the ‘disgusting abomination’ of the x bill which he believed would contribute too much to the country’s $36.2 trillion debt.
Trump’s big, beautiful bill’ called for getting rid off electric vehicle tax credits – the cause of Musk’s frustration, according to Trump.
Analysts at JPMorgan Chase & Co. estimated that the bill would cut about $1.2 billion from Tesla’s full-year profit.
‘Elon and I had a great relationship. I don’t know if we will any more,’ Trump said in the Oval last week
Despite staying quiet at first, Trump then told reporters he was ‘very disappointed’ in Musk and they ‘had a great relationship. I don’t know if we will anymore’.
Musk immediately responded via tweet, saying: ‘Without me, Trump would have lost the election’. He had spent nearly $300 million backing Trump’s campaign among other other Republicans in last year’s election.
However, the drastic drop in net worth might not reveal the true impact on Musk who increasingly relies on his private enterprises as a source, it was reported in Bloomberg.
