WASHINGTON/NEW YORK, June 6. /TASS/. US billionaire Elon Musk lost $34 billion in just one day following a public falling-out with US President Donald Trump, whose own wealth shrank by $1.1 billion, media reported.

According to Bloomberg, Musk remains the world’s richest businessman, but his fortune declined by $33.9 billion, now standing at $334.5 billion. He has lost $97.9 billion since the start of 2025.

Musk and Trump traded accusations on June 5 in a huge public spat on social media, with Musk saying that without his support, Trump would never have won the elections. He spoke in favor of impeaching Trump, criticized his import duties and predicted a recession for the American economy in the second half of 2025.

Trump said that Musk had stopped fulfilling his duties effectively when he led the Department for Improving the Efficiency of the American Government (DOGE), and "went crazy." He threatened to terminate government contracts with Musk's companies and cancel all subsidies.

According to Axios, shares of Trump Media & Technology Group fell by 8%, which cost the president $202 million. The value of Trump's memecoin dropped by 10%, reducing the head of state’s wealth by about $900 million.