Elon Musk's net worth drops by $27b after feud with Trump: report
Elon Musk vists Donald Trump at the White House
Elon Musk faced a significant financial setback on Thursday, losing approximately $27 billion from his net worth after a dramatic plunge in Tesla’s stock, according to a report by the Wall Street Journal.
Shares of Tesla (TSLA.O) dropped 14% overnight, erasing $150 billion in market value, following a public feud between Musk and Trump.
Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.
In the aftermath, Trump threatened to cut off government contracts to Musk’s companies, escalating tensions between the two.
False, this 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! https://t.co/V4ztekqd4g
However, Tesla shares saw a slight rebound, bouncing 0.8% in after-hours trading.
Read more: Musk accuses Trump of being named in Epstein files
Despite the loss, Musk remains the world’s richest individual, with an estimated net worth of $388 billion, according to the Forbes Real-Time Billionaires List.
The Tesla and SpaceX CEO’s wealth remains substantially ahead of the second-ranked Mark Zuckerberg, whose net worth stands at $236 billion.
Meanwhile, President Donald Trump, whose net worth is estimated at $5.4 billion, is at No. 689 on the Forbes ranking.
Also read: Trump, Musk feud explodes with threats of cutting contracts, backing impeachment