Elon Musk Net Worth Drops $98 Billion After Trump Feud

By Douglas A. McIntyre Published Jun 6, 9:15AM EDT

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A bitter flare-up with President Trump has helped reduce Elon Musk’s net worth by $98 billion.
Musk remains the world’s richest man, for now.

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Elon Musk Net Worth Drops $98 Billion After Trump Feud — © 2024 Getty Images / Getty Images News via Getty Images

A bitter flare-up with President Donald Trump helped reduce Elon Musk’s net worth by $98 billion in 2025. Yesterday alone, his net worth lost $35 billion. Much of this was triggered by a decline in Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) stock, which was down 17% after the battle began. It closed off 14% on Thursday, which lowered its market cap to $917 billion.

The quarrel with the U.S. president may have several side effects, although it is not clear if Trump and Musk will continue to press some of their threats. The president mentioned cuts to the tax breaks for electric vehicle (EV) buyers. Those were already in the works and likely built into Tesla’s stock price. The president could ask the U.S. Securities and Exchange Commission to start investigations into Tesla’s alleged blind eye toward Musk’s drug use. Trump could also try to block approval of Tesla’s self-driving car features, which have already been undermined by several Tesla crashes. Much of Tesla’s market cap relies on the success of this feature.

As far as current investors are concerned, the market cap of the EV company sits at number 11 among all public companies. This market cap was above $1 trillion at the start of the year. Musk owns 13% of Tesla’s shares outstanding.

It’s More Than Just Tesla

President Trump also threatened to cancel the U.S. government’s relationship with rocket company SpaceX. The fight between the two men threatens $22 billion of SpaceX contracts. The most recent valuation of the private company was $400 billion. Musk owns 42% of SpaceX and has 79% of the voting shares.

The value of SpaceX includes satellite internet company Starlink. It provides internet service to over 100 nations. Starlink’s service works via over 7,500 satellites, a number which is growing. The company plans to push that to 40,000. Trump could attempt to block the use of Starlink internet service in the United States. Whether he can be successful is another matter.

Musk also owns xAI, which is a marriage of social media company X and the xAI artificial intelligence company. The value of this new company has been put as high as $113 billion. Musk owns 58% of the combined operation. It may eventually seek government contracts for its AI services.

Musk remains the richest man in the world at $335 billion. The future of his feud with President Trump could reduce that further.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.