Due to his dispute with Trump, $33 billion of Musk's wealth goes up in smoke.

Bloomberg Billionaires Index reported a sharp decline in Elon Musk's wealth, losing $33 billion from his net worth.

Although his net worth remains at $335 billion, keeping him as the richest by a large margin, this loss is among the worst financial setbacks Musk has ever faced.

This significant decline coincided with a fierce dispute between Musk and President Donald Trump, directly impacting Tesla's stocks. By market close, Tesla's shares dropped by about 14.2%, resulting in a loss of nearly $152 billion in market value, bringing its total value down to around $900 billion.

Tesla has been facing ongoing challenges throughout the current year, with declining sales and global buyers' rejection of the company's products, partially attributed to Musk's association with extreme right-wing policies and his controversial role in the White House along with his frequent statements. According to the Wall Street Journal, stock traders who engaged in short selling Tesla's shares made billions amid this ongoing dispute.