Elon Musk's clash with Trump backfires: Tesla CEO's net worth takes massive hit, federal contracts under risk

Elon Musk's clash with President Donald Trump appears to have backfired on him. The billionaire's net worth took a massive hit on Thursday

Updated on: Jun 6, 2025, 10:02:43 IST

By Yash Nitish Bajaj

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Elon Musk's clash with President Donald Trump appears to have backfired on him. The 53-year-old, who accused the president of being ungrateful, lost $15 billion on Thursday, and his company Tesla's shares tumbled as much as 9% during trading hours. According to Forbes' real-time billionaires list, Musk is worth $399.5 billion, down 3.63%.

Elon Musk's net worth took a massive hit amid his feud with Donald Trump (AP)

Tesla slumped 8.9% amid Musk's criticism of Trump's ‘Big Beautiful Bill’. This comes after the president lashed out at his former ally on Thursday, saying he was ‘disappointed’ by the billionaire's opposition to the sweeping tax-cut and spending bill that is at the heart of his administration's agenda.

“Look, Elon and I had a great relationship. I don't know if we will anymore. He said the most beautiful things about me, and he hasn't said bad about me personally, but I'm sure that'll be next. But I'm, I'm very disappointed in Elon. I've helped Elon a lot,” he said.

Meanwhile, Musk unleashed a series of responses on X, platform formerly known as Twitter.

"Without me, Trump would have lost the election," he wrote. “Such ingratitude.”

The Tesla CEO also used the president's own words against him. He retweeted the 78-year-old's part criticisms about raising the debt ceiling.

In a 2013 tweet, Trump wrote, " I cannot believe the Republicans are extending the debt ceiling—I am a Republican & I am embarrassed!"

"Wise words," Musk commented on the post.

‘Easiest way to save money is to terminate Musk’s contracts': Trump

In his latest attack on Musk, Trump said that he is terminating the tech billionaire's subsidies and contracts.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” the president wrote on Truth Social.

“Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” he added.

ABOUT THE AUTHOR
Yash Nitish Bajaj
Yash Bajaj is a Chief Content Producer with a strong foundation in US coverage, digital strategy, and audience-focused storytelling. As part of the US Desk at Hindustan Times, he covers a wide range of topics - from American politics to sports (NFL, NBA, derbies, MLB and more). Before joining Hindustan Times, Yash served as Deputy News Editor at Times Now, where he oversaw international coverage and led a team of six. In this role, he significantly expanded global traffic through strategic planning, SEO-driven content execution, and meticulous trend tracking across platforms. He is experienced in managing high-pressure breaking-news shifts, coordinating live coverage, and building newsroom systems that improve speed, accuracy, and reach. Prior to Times Now, Yash held a position at Opoyi, where he headed the Sports and US news team. He developed broad editorial strategies, guided reporters across multiple beats, and played a key role in recruiting and training new talent. His responsibilities also extended to social media management and experimenting with innovative content formats. A passionate NFL fan, Yash is a die-hard supporter of the Cincinnati Bengals and has followed Joe Burrow closely since his college days at LSU. Whether breaking down top players' latest performance, analyzing team performances, or tracking roster moves, he brings the same dedication and sharp storytelling to his sports coverage as he does to American politics and breaking news. When he’s not writing, Yash can often be found watching games or debating the latest NFL storylines with fellow fans. Yash holds a Bachelor of Mass Media (Journalism) from HR College, Mumbai University. His interests extend well beyond the newsroom: he is an enthusiastic explorer of AI tools, a movie buff with an ever-growing watchlist, and someone who enjoys unraveling conspiracy theories for fun.Read More

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