World’s richest man watches fortune evaporate after accusing Trump of hiding in Jeffrey Epstein files – then mysteriously goes silent on explosive claim
Elon Musk’s spectacular public meltdown has cost him a staggering $34 billion in personal wealth after his extraordinary accusation that President Donald Trump appears in secret Jeffrey Epstein files triggered the biggest one-day crash in Tesla’s history.
The tech billionaire’s net worth plummeted from $422 billion to $388 billion in just hours on Thursday as Tesla shares went into freefall, wiping out $152 billion in market value – the company’s worst single-day loss ever.
The financial bloodbath came as Musk dropped what he called his “really big bomb” – claiming without evidence that Trump’s name appears in unreleased government files related to the late pedophile financier.
“@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public,” Musk posted on X to his millions of followers, adding cryptically: “Have a nice day, DJT!
The Accusation That Shook Wall Street
The explosive allegation sent shockwaves through both Washington and Wall Street, with Tesla shares plunging 14.3% as investors fled in panic. According to the Bloomberg Billionaires Index, it marked the second-largest single-day loss in the history of tracking the world’s 500 wealthiest people – beaten only by Musk’s own wipeout in November 2021.
“Mark this post for the future. The truth will come out,” Musk added in a follow-up post that has now been viewed over 42 million times.
But crucially, the Tesla CEO provided zero evidence to support his sensational claim about the President appearing in sealed Epstein documents.
White House Hits Back
The White House responded swiftly, with Press Secretary Karoline Leavitt dismissing Musk’s bombshell as “an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted.
Multiple allies caught in the middle of the implosion between President Donald Trump and Elon Musk were delicately attempting to broker peace between the two men when Musk’s Epstein post appeared, sources told reporters. Several people familiar with what was happening behind the scenes described that as the tipping point, fearing there was no going back after Musk’s loaded accusation.
The $27 Billion Question
While initial reports suggested Musk lost $27 billion, the actual damage was even worse – Forbes confirmed his net worth fell by roughly $34 billion to $388 billion, making it one of the worst days in billionaire history.
The dramatic losses came as their feud exploded from a policy disagreement over Trump’s spending bill into deeply personal territory. Trump had threatened to “terminate Elon’s Governmental Subsidies and Contracts,” potentially costing SpaceX and Tesla billions in federal funding.
From Bromance to Battlefield
The spectacular falling out marks an extraordinary reversal for the two men who were once inseparable. Musk spent over $270 million supporting Trump’s 2024 election campaign and called himself the President’s “first buddy.
But their relationship soured over Trump’s “One Big Beautiful Bill,” which Musk branded a “disgusting abomination” for adding trillions to the national debt and eliminating electric vehicle tax credits worth billions to Tesla.
Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” Musk fired back when Trump criticized him. “Such ingratitude.”
Tesla in Freefall
Dan Ives, a top Wall Street analyst at Wedbush Securities, described the meltdown as going “from a candlelight dinner bromance to a knife fight” that sent “shivers down the backs of Tesla investors.
This has gone from bad to worse to a high school friends feud between the once upon a time bromance of Musk and Trump,” Ives wrote to clients.
The 14% crash wiped out all of Tesla’s gains from May and sent the stock down nearly 30% for the year. At one point during Thursday’s trading, shares were down 18% – the worst intraday drop in almost five years.
The Epstein Files Mystery
Musk’s accusation centers on the so-called “Epstein files” – thousands of pages of documents related to the investigation of Jeffrey Epstein, who died by suicide in 2019 while awaiting trial on sex trafficking charges.
While some documents have been released showing Trump flew on Epstein’s plane seven times in the early 2000s, Trump has long denied any involvement in Epstein’s criminal conduct. Flight logs don’t include ages of passengers, and being in contact books doesn’t necessarily indicate involvement in illegal activities.
Attorney General Pam Bondi released over 100 pages of declassified Epstein documents in February, but they contained little new information and were heavily redacted, leading to criticism that the administration wasn’t being transparent.
Congressional Reaction
Following Musk’s explosive claim, House Democrats immediately pounced, with Oversight Committee members writing they had “profound alarm at allegations that files relating to convicted sex offender Jeffrey Epstein have not been declassified and released to the American public because they personally implicate President Trump.
The White House dismissed the Democratic move as “another baseless stunt that bears no weight in fact or reality.
Social Media Erupts
The Musk-Trump explosion set social media ablaze, with celebrities and politicians weighing in on the extraordinary spectacle.
Holy sh*t,” posted Piers Morgan with a string of shocked emojis, while CNN’s Kaitlan Collins simply wrote “Wow” as Musk’s tweet topped 42 million views in under an hour.
Even Kanye West attempted to play peacemaker, posting: “Broooos please noooooo. We love you both so much.”
The Mysterious Silence
Perhaps most intriguing is what happened next – or rather, what didn’t happen. After dropping his “really big bomb” that cost him $34 billion and sent Tesla into its worst crash ever, Musk has gone conspicuously quiet about his Epstein allegation.
The billionaire has not provided any evidence, documentation, or follow-up to support his extraordinary claim. He hasn’t explained how he would have access to sealed government files or what specific information he believes they contain.
This silence is particularly notable given Musk’s typical behavior of doubling down on controversial statements and engaging in extended Twitter battles.
What’s Next for Tesla?
With Tesla shares still reeling and down nearly 30% for the year, investors are nervously watching whether the Trump-Musk feud will continue to spiral.
Neither Musk nor Trump are one to back off,” warned analyst Dan Ives. The company faces multiple risks if Trump follows through on threats to cancel federal contracts and eliminate subsidies that benefit Tesla.
SpaceX alone has received almost $20 billion in federal contracts since 2008, while Tesla indirectly benefits from billions in EV tax credits and emissions trading programs.
As one Wall Street insider put it: “This is what happens when the world’s richest man picks a fight with the world’s most powerful man – everyone loses, but Musk just lost $34 billion learning that lesson.
Image credit: President Donald Trump participates in a press conference with departing DOGE adviser Elon Musk (cropped) (fictional image), by The White House, licensed under Public Domain via Wikimedia Commons.
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