Elon Musk lost $70 billion because of the Trump scandal

Since the end of cooperation with Donald Trump, Elon Musk’s fortune has fallen by $70 billion. According to Bloomberg, his capital reached a record $486 billion in December 2024, but fell to $335 billion as of June 5.

A key factor has been the decline in the value of Tesla, the publicly traded company that makes up the bulk of his fortune. Over the past five days, its shares have fallen 15%, half of the total drop in Musk’s capital since December.

The sharp cooling of relations with Trump occurred after criticizing the work of the “Department of Government Efficiency” (DOGE) created by Musk, designed to reduce budget expenditures. Musk left Trump’s team and began to openly criticize the former president’s initiatives.

He called the $2.4 trillion One Big Beautiful Bill “bloated” and “overflowing with unnecessary spending.” The conflict turned personal – Musk accused Trump of having an affair with Jeffrey Epstein.

Even Dogecoin, which Musk is most associated with, is down 75% from its December highs. It is noted that Musk’s fortune includes stakes in Tesla, SpaceX, xAI, X, Neuralink and The Boring Company.

Despite the difference in estimates – Forbes puts his fortune at $398 billion, while Bloomberg puts it at $335 billion – both estimates recognize that the main blow to Musk’s finances has to do with the political conflict.