On June 5, Elon Musk’s net worth dropped by $34 billion in just one day. This was one of the biggest one-day losses in his personal wealth, according to the Bloomberg Billionaires Index.

The big loss happened after Musk posted tweets saying that President Donald Trump had connections with Jeffrey Epstein. Musk also suggested that Epstein played an important role in helping Trump win the 2024 election.

In response, Trump threatened to stop giving federal contracts to Musk’s companies. He also warned that he might take away a tax credit for electric vehicles that was started under President Joe Biden’s 2022 Inflation Reduction Act. This tax credit offered buyers up to $7,500 off electric cars, which helped Tesla become very popular in the U.S.

Musk said he would shut down SpaceX’s Dragon spacecraft if Trump followed through with his threats.

A White House spokesperson named Karoline Leavitt said that Musk was unhappy with a law called the “One Big Beautiful Bill” because it didn’t include the changes he wanted. She added that the President is focused on passing important laws and making the country better.

Tesla’s stock price fell by more than 14%, which meant the company lost about $138 billion in total value.

The Bloomberg Billionaires Index said Musk lost $34 billion in net worth after the events on Thursday. This was one of the biggest single-day losses for him.

This isn’t the first time Musk’s tweets have affected his wealth. In November 2021, Musk asked his Twitter followers if he should sell 10% of his Tesla shares. Over 57% of 3.5 million people said yes.

After that tweet, Tesla’s shares dropped by 16% in one week, and Musk lost $50 billion in net worth.