Tesla's stock price closed at $300 on 1/7, its lowest in three weeks, down 5.3%.
According to the Bloomberg Billionaires Index, this drop cost CEO Elon Musk $12.1 billion in a single day, making him the biggest loser among billionaires globally yesterday. Since the beginning of the year, Musk's fortune has decreased by $82 billion, leaving him with $351 billion.
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US President Donald Trump (left) and billionaire Elon Musk at the White House in Washington on 14/3. Photo: AFP |
US President Donald Trump (left) and billionaire Elon Musk at the White House in Washington on 14/3. Photo: AFP
Tesla's stock decline coincided with renewed tension between Musk and President Trump. On June 30th, the Tesla CEO posted on X about forming a "Party of America" if Trump's tax cut and spending bill passed. Musk also criticized the Republican Party for abandoning efforts to make America a leader in the electric vehicle and clean energy revolution.
Hours later, President Trump attacked Musk on Truth Social, claiming Musk received more government subsidies "than anyone in history." He suggested that the Government Performance Board (DOGE) investigate cutting these subsidies to "save the country money."
In February, the Washington Post reported Musk and his companies had received at least $38 billion in US government contracts, loans, subsidies, and tax breaks over the years, significantly contributing to his wealth.
Reuters also reported that Musk's SpaceX holds federal contracts worth approximately $22 billion. One notable project is the Starship spacecraft, chosen by NASA as the primary vehicle for future missions to return astronauts to the moon and explore Mars.
Musk has been a close ally and major donor to Trump's campaigns. After taking office in January, Trump appointed Musk to lead DOGE, tasking him with streamlining government and cutting costs. However, their relationship showed signs of strain after Musk's 130-day special government employee term ended and he criticized the president's spending bill.
Earlier last month, Musk and Trump clashed publicly over this bill, with Musk calling it an "abominable mistake." Trump responded by threatening to cut government contracts with Musk's companies. This caused Tesla's stock to plummet over 14% in one session, wiping out $152 billion in market capitalization and $34 billion from Musk's net worth. The tension later subsided, and Tesla's stock has recovered by over 11% since June 5th.
Ha Thu (according to Reuters, Bloomberg)
