Trump lost more than $1.1 billion because of his public conflict with Musk

U.S. President Donald Trump has lost more than $1.1 billion in a day because of the public conflict with American billionaire Elon Musk, writes BelTA with reference to the portal Axios.

According to the information, the shares of Trump Media & Technology Group fell in price by 8%, which cost the President 202 million dollars. In addition, the value of Trump's memcoin fell by 10%, reducing the state of the American leader by about 900 million dollars.

Tesla shares fell by 14.3%, causing Musk to lose about 20 billion dollars.

As TASS notes, on June 5, U.S. President Donald Trump and Elon Musk exchanged sharp words on social networks. The businessman said that without his support Trump would not have won the election in November 2024, in addition, criticized the bill initiated by the White House to reduce government spending, the tariffs imposed by the President and predicted the American economy recession in the second half of 2025. Trump, in turn, said that Musk ceased to efficiently fulfill his duties when he supervised the work of the agency to improve the American government effectiveness, and "went crazy". The U.S. President threatened to terminate government contracts with Musk's companies, including SpaceX, and cancel all subsidies.