Bloomberg: Musk’s fortune evaporates as the dispute with Trump escalates
Tesla’s market value fell by about $153 billion as its stock plunged, and the fortune of company founder Elon Musk also declined amid the verbal battle with US President Donald Trump.
On Thursday, Tesla’s stock, the electric car maker, fell 14.26% to $284.70, its lowest level since early May.
With Tesla’s stock tumbling, the company’s market value fell by approximately $153 billion, and the American businessman’s wealth also fell by $34 billion, according to the Bloomberg Billionaires Index.
The drop came after a verbal battle that escalated into an exchange of accusations between US President Donald Trump and entrepreneur Elon Musk.
Trump stated that Musk criticized the proposed tax bill because it included eliminating tax incentives for electric vehicles.
Trump also hinted at the possibility of cutting federal support and government contracts awarded to Tesla and SpaceX.
Prior to that, Musk criticized the bill on social media, calling it a “disgusting act”.
He also threatened to ground SpaceX’s spacecraft, which NASA relies on, but later backed down, confirming that the vehicles would remain in service.
