Latest news with #SuddenImpact
The Age
an hour ago
- Business
- The Age
The staggering amount of money Elon Musk lost in one day as Trump feud boils over
Minute by minute, post by post, Elon Musk's very public, extremely online feud with US President Donald Trump sliced into his vaunted status as the world's richest person. The final damage at day's end: $US34 billion ($52 billion) erased from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger one: his own wipeout in November 2021. The tit-for-tat was surreal, and also, in some ways, potentially inevitable for a US president who has used the Oval Office to dress down world leaders and a chief executive who has a history of launching himself from one crusade to another. The trigger was Musk's sudden push, just days after he departed from Washington, to muster enough support to 'kill' Trump's signature 'Big, Beautiful Bill'. Musk, who is still the world's richest person with a vast $US334.5 billion fortune, has endured any number of routs before. But the stakes are higher than ever in contending with Trump, as the president laid bare when he proposed ending Musk's government contracts, in a potential blow to Tesla and SpaceX revenue. Loading In true Musk fashion, the billionaire responded on X with five words uttered by Clint Eastwood's character in Sudden Impact: 'Go ahead, make my day.' He followed up by alleging, without evidence, that Trump's name appears in the files related to the late New York financier Jeffrey Epstein, and then said SpaceX would begin to decommission its Dragon spacecraft – a critical link to space for the US, which depends on Musk's company to ferry cargo and astronauts to the International Space Station. The war of words is a sharp departure from the months following Trump's election win, when Musk's net worth reached an all-time high approaching $US500 billion. His companies' valuations surged, buoyed by expectations that they would benefit from the billionaire's relationship with Trump and his role as head of the Department of Government Efficiency. Musk officially left Washington last week. The escalating spat raises questions about the path forward for Tesla, which once appealed to climate-conscious drivers but has since become synonymous with Trump's MAGA priorities, alienating traditional, left-leaning consumers. The electric carmaker's shares fell 14 per cent on Thursday to $US284.70. Musk, for his part, polled his X followers on Thursday about whether it is 'time to create a new political party in America that actually represents the 80 per cent in the middle'.
NDTV
3 hours ago
- Business
- NDTV
$34 Billion Gone. Musk's Net Worth Takes A Hit In Feud With Trump
Quick Read Summary is AI generated, newsroom reviewed. Elon Musk's feud with Trump cost him $34 billion, marking a significant drop in his wealth. The conflict, sparked by Musk's opposition to Trump's policies, raises concerns for Tesla's future and potential impacts on his other ventures amid political tensions. Minute by minute, post by post, Elon Musk's very public, extremely online feud with President Donald Trump sliced into his vaunted status as the world's richest person. The final damage at day's end: $34 billion erased from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger one: his own wipeout in November 2021. The tit-for-tat was surreal, and also, in some ways, potentially inevitable for a US president who has used the Oval Office to dress down world leaders and a chief executive who has a history of launching himself from one crusade to another. The trigger was Musk's sudden push, just days after he departed from Washington, to muster enough support to "kill" Trump's signature "Big, Beautiful Bill." Musk, who's still the world's richest person with a vast $334.5 billion fortune, has endured any number of routs before. But the stakes are higher than ever in contending with Trump, as the president laid bare when he proposed ending Musk's government contracts, in a potential blow to Tesla Inc. and SpaceX revenue. In true Muskian fashion, the billionaire responded on X with five words uttered by Clint Eastwood's character in Sudden Impact: "Go ahead, make my day." He followed up by alleging, without evidence, that Trump's name appears in the files related to the late New York financier Jeffrey Epstein. He then said SpaceX would begin to decommission its Dragon spacecraft - a critical link to space for the US, which depends on Musk's company to ferry cargo and astronauts to the International Space Station. Roughly five hours later, he reversed his decision. The war of words is a sharp departure from the months following Trump's election win, when Musk's net worth reached an all-time high approaching $500 billion. His companies' valuations surged, buoyed by expectations that they would benefit from the billionaire's relationship with Trump and his role as head of the Department of Government Efficiency. Musk officially left Washington last week. Tesla's Path The escalating spat raises questions about the path forward for Tesla, which once appealed to climate-conscious drivers but has since become synonymous with Trump's MAGA priorities, alienating traditional, left-leaning consumers. The electric carmaker's shares fell 14% on Thursday to $284.70. Musk, for his part, polled his X followers on Thursday about whether it is "time to create a new political party in America that actually represents the 80% in the middle." As big of a loss as Musk took on Thursday, it might not encompass the full hit to his wealth since it doesn't reflect any damage to the value of his private enterprises - an increasingly important source of his net worth. SpaceX, the world's most valuable private startup, was valued at $350 billion in an insider share sale in December, adding $50 billion to Musk's fortune. The deal partially reflected optimism that it would gain from Musk's links to the Trump administration; total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Musk's other enterprises, including AI and social media company xAI Holdings, could also suffer from the spat, especially given Trump's own fortune is tied to his competing Trump Media & Technology Group Corp. Even the brain implant startup Neuralink, which in recent weeks raised $650 million in a funding round that valued it at $9 billion, could be put through the wringer if Trump decided to target it through agencies like the Food and Drug Administration. Musk earlier this week began lambasting the spending bill narrowly passed by the House of Representatives, arguing it would add too much to the government's debt load and calling it a "disgusting abomination." The Congressional Budget Office projects it would add $2.42 trillion to the deficit over the next decade. The bill calls for eliminating electric vehicle tax credits, which Trump has said is the root cause of Musk's frustration. JPMorgan Chase & Co. analysts have estimated that the provisions would cut about $1.2 billion from Tesla's full-year profit.
Time of India
5 hours ago
- Business
- Time of India
Elon Musk's feud with Trump spurs one of his worst wealth losses ever
Minute by minute, post by post, Elon Musk's very public, extremely online feud with President Donald Trump sliced into his vaunted status as the world's richest person. The final damage at day's end: $34 billion erased from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger one: his own wipeout in November 2021. The tit-for-tat was surreal, and also, in some ways, potentially inevitable for a US president who has used the Oval Office to dress down world leaders and a chief executive who has a history of launching himself from one crusade to another. The trigger was Musk's sudden push, just days after he departed from Washington, to muster enough support to 'kill' Trump's signature 'Big, Beautiful Bill.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Photos Captured the Exact Wrong Moment Read More Undo Musk, who's still the world's richest person with a vast $334.5 billion fortune, has endured any number of routs before. But the stakes are higher than ever in contending with Trump, as the president laid bare when he proposed ending Musk's government contracts, in a potential blow to Tesla Inc. and SpaceX revenue. In true Muskian fashion, the billionaire responded on X with five words uttered by Clint Eastwood's character in Sudden Impact: 'Go ahead, make my day.' He followed up by alleging, without evidence, that Trump's name appears in the files related to the late New York financier Jeffrey Epstein. Live Events He then said SpaceX would begin to decommission its Dragon spacecraft — a critical link to space for the US, which depends on Musk's company to ferry cargo and astronauts to the International Space Station. Roughly five hours later, he reversed his decision. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The war of words is a sharp departure from the months following Trump's election win, when Musk's net worth reached an all-time high approaching $500 billion. His companies' valuations surged, buoyed by expectations that they would benefit from the billionaire's relationship with Trump and his role as head of the Department of Government Efficiency. Musk officially left Washington last week. Tesla's path The escalating spat raises questions about the path forward for Tesla, which once appealed to climate-conscious drivers but has since become synonymous with Trump's MAGA priorities, alienating traditional, left-leaning consumers. The electric carmaker's shares fell 14% on Thursday to $284.70. Musk, for his part, polled his X followers on Thursday about whether it is 'time to create a new political party in America that actually represents the 80% in the middle.' As big of a loss as Musk took on Thursday, it might not encompass the full hit to his wealth since it doesn't reflect any damage to the value of his private enterprises — an increasingly important source of his net worth. SpaceX, the world's most valuable private startup, was valued at $350 billion in an insider share sale in December, adding $50 billion to Musk's fortune. The deal partially reflected optimism that it would gain from Musk's links to the Trump administration; total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Musk's other enterprises, including AI and social media company xAI Holdings, could also suffer from the spat, especially given Trump's own fortune is tied to his competing Trump Media & Technology Group Corp. Even the brain implant startup Neuralink, which in recent weeks raised $650 million in a funding round that valued it at $9 billion, could be put through the wringer if Trump decided to target it through agencies like the Food and Drug Administration. Musk earlier this week began lambasting the spending bill narrowly passed by the House of Representatives, arguing it would add too much to the government's debt load and calling it a 'disgusting abomination.' The Congressional Budget Office projects it would add $2.42 trillion to the deficit over the next decade. The bill calls for eliminating electric vehicle tax credits , which Trump has said is the root cause of Musk's frustration. JPMorgan Chase & Co. analysts have estimated that the provisions would cut about $1.2 billion from Tesla's full-year profit.
Yahoo
7 hours ago
- Business
- Yahoo
Elon Musk's Feud With Trump Spurs One of His Worst Wealth Losses Ever
(Bloomberg) -- Minute by minute, post by post, Elon Musk's very public, extremely online feud with President Donald Trump sliced into his vaunted status as the world's richest person. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars The final damage at day's end: $34 billion erased from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger one: his own wipeout in November 2021. The tit-for-tat was surreal, and also, in some ways, potentially inevitable for a US president who has used the Oval Office to dress down world leaders and a chief executive who has a history of launching himself from one crusade to another. The trigger was Musk's sudden push, just days after he departed from Washington, to muster enough support to 'kill' Trump's signature 'Big, Beautiful Bill.' Musk, who's still the world's richest person with a vast $334.5 billion fortune, has endured any number of routs before. But the stakes are higher than ever in contending with Trump, as the president laid bare when he proposed ending Musk's government contracts, in a potential blow to Tesla Inc. and SpaceX revenue. In true Muskian fashion, the billionaire responded on X with five words uttered by Clint Eastwood's character in Sudden Impact: 'Go ahead, make my day.' He followed up by alleging, without evidence, that Trump's name appears in the files related to the late New York financier Jeffrey Epstein. He then said SpaceX would begin to decommission its Dragon spacecraft — a critical link to space for the US, which depends on Musk's company to ferry cargo and astronauts to the International Space Station. (Roughly five hours later, he reversed his decision.) The war of words is a sharp departure from the months following Trump's election win, when Musk's net worth reached an all-time high approaching $500 billion. His companies' valuations surged, buoyed by expectations that they would benefit from the billionaire's relationship with Trump and his role as head of the Department of Government Efficiency. Musk officially left Washington last week. Tesla's Path The escalating spat raises questions about the path forward for Tesla, which once appealed to climate-conscious drivers but has since become synonymous with Trump's MAGA priorities, alienating traditional, left-leaning consumers. The electric carmaker's shares fell 14% on Thursday to $284.70. Musk, for his part, polled his X followers on Thursday about whether it is 'time to create a new political party in America that actually represents the 80% in the middle.' As big of a loss as Musk took on Thursday, it might not encompass the full hit to his wealth since it doesn't reflect any damage to the value of his private enterprises — an increasingly important source of his net worth. SpaceX, the world's most valuable private startup, was valued at $350 billion in an insider share sale in December, adding $50 billion to Musk's fortune. The deal partially reflected optimism that it would gain from Musk's links to the Trump administration; total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 is $22.5 billion, according to Bloomberg Government data. Musk's other enterprises, including AI and social media company xAI Holdings, could also suffer from the spat, especially given Trump's own fortune is tied to his competing Trump Media & Technology Group Corp. Even the brain implant startup Neuralink, which in recent weeks raised $650 million in a funding round that valued it at $9 billion, could be put through the wringer if Trump decided to target it through agencies like the Food and Drug Administration. Musk earlier this week began lambasting the spending bill narrowly passed by the House of Representatives, arguing it would add too much to the government's debt load and calling it a 'disgusting abomination.' The Congressional Budget Office projects it would add $2.42 trillion to the deficit over the next decade. The bill calls for eliminating electric vehicle tax credits, which Trump has said is the root cause of Musk's frustration. JPMorgan Chase & Co. analysts have estimated that the provisions would cut about $1.2 billion from Tesla's full-year profit. --With assistance from Shelly Banjo, Jack Witzig and Phil Kuntz. (Updates with reversal on Dragon spacecraft in sixth paragraph.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Age
7 hours ago
- Business
- The Age
Elon Musk loses $52 billion in one day as Trump feud boils over
Minute by minute, post by post, Elon Musk's very public, extremely online feud with US President Donald Trump sliced into his vaunted status as the world's richest person. The final damage at day's end: $US34 billion ($52 billion) erased from his personal net worth, the second-largest loss ever in the history of the Bloomberg Billionaires Index of the 500 wealthiest people on the planet. The only bigger one: his own wipeout in November 2021. The tit-for-tat was surreal, and also, in some ways, potentially inevitable for a US president who has used the Oval Office to dress down world leaders and a chief executive who has a history of launching himself from one crusade to another. The trigger was Musk's sudden push, just days after he departed from Washington, to muster enough support to 'kill' Trump's signature 'Big, Beautiful Bill'. Musk, who is still the world's richest person with a vast $US334.5 billion fortune, has endured any number of routs before. But the stakes are higher than ever in contending with Trump, as the president laid bare when he proposed ending Musk's government contracts, in a potential blow to Tesla and SpaceX revenue. Loading In true Musk fashion, the billionaire responded on X with five words uttered by Clint Eastwood's character in Sudden Impact: 'Go ahead, make my day.' He followed up by alleging, without evidence, that Trump's name appears in the files related to the late New York financier Jeffrey Epstein, and then said SpaceX would begin to decommission its Dragon spacecraft — a critical link to space for the US, which depends on Musk's company to ferry cargo and astronauts to the International Space Station. The war of words is a sharp departure from the months following Trump's election win, when Musk's net worth reached an all-time high approaching $US500 billion. His companies' valuations surged, buoyed by expectations that they would benefit from the billionaire's relationship with Trump and his role as head of the Department of Government Efficiency. Musk officially left Washington last week. The escalating spat raises questions about the path forward for Tesla, which once appealed to climate-conscious drivers but has since become synonymous with Trump's MAGA priorities, alienating traditional, left-leaning consumers. The electric carmaker's shares fell 14 per cent on Thursday to $US284.70. Musk, for his part, polled his X followers on Thursday about whether it is 'time to create a new political party in America that actually represents the 80 per cent in the middle'.
