ANALYSIS: If the President follows through on his threats, the price tag could be enormous. Yet financial loss is far from the worst damage that Trump can cause his erstwhile ‘first buddy’, Io Dodds writes.

Tesla CEO Elon Musk’s net worth plunged by a staggering $34 billion during his and President Donald Trump’s major rift on Thursday, Bloomberg reported.

The once-close alliance between Elon Musk, the billionaire entrepreneur behind Tesla and SpaceX, and President Donald Trump has unraveled into a public feud that could have major repercussions for Musk’s business empire.

"It is very hard to separate Elon Musk's brand from the brand of Tesla, and SpaceX," a Harvard Business fellow told Newsweek.

President Donald Trump's "Big Beautiful Bill" could significantly affect Tesla's future profits while also benefiting xAI.

The president’s threats to cut Musk’s government contracts would have major impact on business in Texas, where SpaceX, Tesla and his other companies are based.

Elon Musk's net worth fell by $33.9 billion to $335 billion after Tesla's 14% share drop on June 6, 2025, which wiped out $150 billion in market capitalisation amid tensions with Donald Trump and concerns over EV tax benefits.

The Commercial Appeal has put together a little cheat sheet of sorts to help readers understand commonly used phrases associated with xAI in Memphis.

Elon Musk criticized the Republican tax cut bill as a "disgusting abomination" due to its effect on federal budget deficits, and GOP senators consider revising the bill.

Kylie is the Deputy Live Pages Editor, helping showcase Reuters multimedia coverage of the biggest global stories. She previously worked on the UK Breaking News team, and spent eight years in Westminster as a UK political correspondent - a period which included the Scottish independence referendum,