How Elon Musk lost $34,000,000,000 in just one day following public fallout with Trump
Elon Musk lost an eye-watering amount of money in just a day following his fallout with President Trump.
Musk is a multibillionaire, but he took a huge hit to his net worth on Thursday (June 5) after his spat with Trump started to unfold in public.
The pair were once pals, but things turned very sour between them after Musk criticised the president's 'big beautiful bill'.
The SpaceX founder fumed on Twitter: "I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.
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"Shame on those who voted for it: you know you did wrong. You know it."
The legislation is currently on its way to the Senate having been passed in the House of Republicans last week.
Responding to this, Trump said he was 'very disappointed in [Musk]'.
And it seems as if Trump wasn't the only one who was disappointed with Musk after Tesla stock investors began pulling their investments.
By the end of trading on Thursday, Musk had taken a $34,000,000,000 hit to his net worth (a 14 percent loss).
The financial hit for Musk marked the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet, the publication reported.
Telsa stock has been extremely volatile in the wake of Musk's connections to the Trump administration. Per The Independent, the electric vehicle manufacturer has seen a 33 percent loss since Inauguration Day.
Away from stocks, the Tesla board was rumored to have launched a search last month to find a replacement for Musk as CEO after Ross Gerber, one of Tesla’s earliest investors, called for him to step down.
"The company's reputation has just been destroyed by Elon Musk," Gerber said in March. "It's time for somebody to run Tesla. The business has been neglected for too long."
He continued to argue: "There are too many important things Tesla is doing, so either Elon should come back to Tesla and be the CEO of Tesla and give up his other jobs or he should focus on the government and keep doing what he is doing but find a suitable CEO of Tesla."
Both Musk and the chair of Tesla, Robyn Denholm, went on to deny the reports.
Now the tech billionaire has left the Trump administration, he arguably has more time to focus on his businesses like Tesla an SpaceX.
Topics: Elon Musk, Donald Trump, Tesla, Politics, Business, Net Worth, Money, Technology
Niamh Shackleton