Elon Musk suffered a massive financial blow on Thursday as his net worth dropped by nearly $27 billion. The sharp decline followed a public dispute with former President Donald Trump, triggering a major fall in Tesla stock prices.

At the Oval Office today, according to CNBC, Trump indicated that Musk is unhappy that electric-vehicle tax credits are likely to be removed under the so-called Big, Beautiful Bill. Those incentives, enacted into law by President Joe Biden's Inflation Reduction Act, have been in the crosshairs of Trump and other Republicans since their inception.