**Elon Musk’s Fortune Takes a Hit Amid Trump Feud**
In a dramatic turn of events, the world’s richest man, Elon Musk, saw his fortune take a nosedive on Thursday. After a contentious exchange with former President Donald Trump, Musk’s net worth plummeted below the staggering $400 billion mark. The billionaire’s wealth slipped by an eye-watering $26.7 billion, settling at approximately $388 billion, according to estimates from Forbes. This sharp decline came hand-in-hand with a notable drop in Tesla’s stock price, which fell 17% to $277 per share on a day that was otherwise pretty calm for the broader market.
So what caused this rollercoaster of financial misfortune? It all started with a fiery spat between Musk and Trump, who exchanged barbs that would make a boxing match seem genteel. Musk claimed that without his financial backing, Trump would have had a tough time securing a second term during the last election, thanks to his generous donation of over $250 million. It didn’t take long for Trump to fire back, suggesting that Musk was suffering from what he dubbed “Trump derangement syndrome.” As the insults flew, it became evident that their alliance was crumbling, and the fallout was far from pretty.
But the tension didn’t stop at name-calling. Trump raised eyebrows when he hinted at the possibility of revoking Musk’s government contracts. He took to Truth Social to suggest that “terminating Elon’s governmental subsidies and contracts” would be a simple way to save the country billions of dollars. The former president indicated he was shocked that President Biden had not taken such action already. The escalating feud cast a long shadow over Musk, who had been openly critical of Trump’s signature policy bill.
Throughout the day, Musk didn’t hold back in his responses to the former president’s accusations. He expressed frustration at the removal of electric vehicle incentives from the bill, pointing out that while subsidies for oil and gas remained, it felt unjust that electric vehicle benefits were stripped away. Musk also tweeted his disbelief that he hadn’t even seen the bill prior, suggesting it was hastily passed in the dead of night with little scrutiny from Congress; clearly, he felt blindsided.
The legislative implications of this drama are substantial. According to estimates from the Nonpartisan Congressional Budget Office, this bill could add a whopping $2.4 trillion to federal debt over the next decade. While it is projected to cost $4.2 trillion primarily due to tax cuts, it also promises to save about $1.8 trillion. The implications are significant for taxpayers and policymakers alike, making the feud between Musk and Trump even more relevant in today’s political climate.
As the dust settles on this high-profile drama, many are left wondering how this could affect the electric vehicle industry, government contracts, and Musk’s expanding empire. One thing is for sure: this wasn’t just a playground spat; it was a clash of titans that has the potential to send ripples across the economic landscape. With the stakes this high, it’s difficult to see how there could be any softening between the two powerful men. Only time will tell what repercussions this fiery feud will bring to the business world.
