Trump-Musk clash hits hard as Elon Musk’s reportedly loses $34 billion in a day

The ongoing public spat between U.S. President Donald Trump and tech billionaire Elon Musk has taken a dramatic financial turn, with Musk reportedly losing nearly $34 billion in a single day.

The conflict intensified following Musk’s bold claim on social media that he played a pivotal role in Trump’s political success. In a now-viral tweet, the Tesla and SpaceX CEO wrote:

“Without me, Trump would have lost the election. Dems would have control [of the] House, and Republicans would be 51 to 49 in the Senate.”

Trump fired back, discrediting Musk’s influence and threatening to revoke federal contracts and subsidies benefiting Musk’s companies. He also claimed credit for scrapping the electric vehicle (EV) mandate introduced under President Joe Biden, which was designed to incentivize EV purchases through tax benefits.

“I asked him to leave. I took away his EV mandate that forced everyone to buy electric cars that nobody wanted,” Trump said.

In another post, Trump added that cutting off Musk’s governmental contracts and subsidies would be one of the easiest ways to save billions in the national budget.

Amid the heated exchange, Bloomberg reported a staggering financial blow to Musk: a $33.9 billion drop in his net worth—one of the worst single-day losses ever recorded for an individual.

The feud has not only triggered political debate but also raised concerns among investors about the impact of political tensions on business empires like Musk’s. With federal contracts and policy incentives on the line, the clash between the former president and the world’s richest man appears far from over.