Tesla CEO Elon Musk's wealth suffered a staggering blow of 34 USD billion in one day, as a bitter public feud broke out between him and US President Donald Trump over 'One, Big, Beautiful Bill'. Musk's net worth now totals 334.5 billion USD, the second-biggest single-day wealth drop on record, according to the Billionaires Index. The steep drop followed Tesla shares plunging 14 per cent, led by escalating tensions between Trump and Musk. Much of Musk's wealth is tied to his stakes in Tesla, SpaceX, and other private companies, rendering his net worth extremely sensitive to the ups and downs of the market.

Clash Over Trump's 'Big Beautiful Bill'

The battle is over a reconciliation bill that has been termed the "Big Beautiful Bill" by Trump. Musk went on the attack against the bill, terming it a "disgusting abomination" and saying it would further balloon the US deficit. He also called on Republican lawmakers to veto the bill. Trump responded that he was "very disappointed" in Musk's stance, charging him with standing against a bill in which he had benefited and threatening to substantially reduce electric vehicle (EV) subsidies under the new plan. The One Big Beautiful Bill Act (OBBBA), has already passed the House of Representatives and is now headed for the Senate for consideration. The bill proposes a 4 trillion USD increase in the debt ceiling and aims to cement 2017 tax cuts, introduce new exemptions on tips and overtime pay, and ramp up military and border security spending. It also seeks to cut spending on Medicaid, food stamps, and green energy tax credits to pay for it, a move that has attracted criticism from both Democratic leaders and Republican budget hawks.

Musk responded on the social media site X (previously Twitter), saying, "It was never presented to me even once and was rushed through at midnight so quickly that nearly no one in Congress was even able to read it!" The billionaire businessman also claimed ignorance of the bill and implied it was rammed through without clear discussions or openness.

What Is In the One Big Beautiful Bill (OBBB)?

A thousand-page mega-bill, the OBBB is Trump’s legislative centerpiece in his second term. It includes:

• Permanent 2017 tax cuts.
• No tax on tips and overtime under 160K USD.
• 350 billion USD military and border security boost.
• Trump Savings Accounts for newborns.
• SALT cap increased from 10K USD to 40K USD.
• Medicaid, SNAP, and green subsidies cuts.
• Repeal federal excise taxes on gun silencers and tanning services.

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As the verbal conflict intensified, Trump vowed to terminate Musk's federal contracts and subsidies, alleging that he had once before requested the Tesla CEO to resign from advisory positions in his presidency. Musk ramped up his attack by urging Americans to pressure Congress and "KILL the BILL." He also cautioned that Trump's new tariffs would "cause a recession in the second half of this year." In a sharp escalation, when asked online if Trump should be impeached, Musk responded simply, "Yes." He also supported Senator JD Vance as an alternative, signaling a political realignment and breakaway within Trump's former base.

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Even after the huge loss, Elon Musk is still the richest man in the world, with a lead of almost 90 billion USD over Meta CEO Mark Zuckerberg (241 billion USD net worth) and approximately 105 billion USD ahead of Amazon founder Jeff Bezos (229 billion USD net worth).