Elon Musk Net Worth Drops $98 Billion After Trump Feud

A bitter flare-up with President Donald Trump helped reduce Elon Musk’s net worth by $98 billion in 2025. Yesterday alone, his net worth lost $35 billion. Much of this was triggered by a decline in Tesla Inc. (NASDAQ: TSLA) stock, which was down 17% after the battle began. It closed off 14% on Thursday, which lowered its market cap to $917 billion.

The quarrel with the U.S. president may have several side effects, although it is not clear if Trump and Musk will continue to press some of their threats. The president mentioned cuts to the tax breaks for electric vehicle (EV) buyers. Those were already in the works and likely built into Tesla’s stock price. The president could ask the U.S. Securities and Exchange Commission to start investigations into Tesla’s alleged blind eye toward Musk’s drug use. Trump could also try to block approval of Tesla’s self-driving car features, which have already been undermined by several Tesla crashes. Much of Tesla’s market cap relies on the success of this feature.

As far as current investors are concerned, the market cap of the EV company sits at number 11 among all public companies. This market cap was above $1 trillion at the start of the year. Musk owns 13% of Tesla’s shares outstanding.

It’s More Than Just Tesla

President Trump also threatened to cancel the U.S. government’s relationship with rocket company SpaceX. The fight between the two men threatens $22 billion of SpaceX contracts. The most recent valuation of the private company was $400 billion. Musk owns 42% of SpaceX and has 79% of the voting shares.

The value of SpaceX includes satellite internet company Starlink. It provides internet service to over 100 nations. Starlink’s service works via over 7,500 satellites, a number which is growing. The company plans to push that to 40,000. Trump could attempt to block the use of Starlink internet service in the United States. Whether he can be successful is another matter.

Musk also owns xAI, which is a marriage of social media company X and the xAI artificial intelligence company. The value of this new company has been put as high as $113 billion. Musk owns 58% of the combined operation. It may eventually seek government contracts for its AI services.

Musk remains the richest man in the world at $335 billion. The future of his feud with President Trump could reduce that further.

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