Trump and Musk losing billions due to their hostility

U.S. President Donald Trump lost over $1.1 billion in a single day due to his public dispute with Elon Musk, Axios reports. As noted, shares of Trump Media & Technology Group fell by 8%, costing the president approximately $202 million.

Additionally, Trump’s cryptocurrency, meme coin, decreased in value by 10%, reducing his wealth by nearly $900 million. Earlier, Bloomberg reported that Musk lost about $34 billion in one day due to a decline in Tesla stock prices following his conflict with Trump. On June 5, Trump and Musk exchanged harsh statements on social media.

The entrepreneur claimed that without his support, Trump would not win the November 2024 elections. He also confirmed his support for Trump’s impeachment, criticized the White House’s proposed bill to cut government spending and tariffs, and forecasted an economic downturn in the second half of 2025.

In response, Trump stated that Musk had ceased to perform his duties effectively while overseeing efforts to improve the efficiency of the U.S. government and had gone crazy. The president threatened to terminate government contracts with Musk’s companies, including SpaceX, and cancel all subsidies.