Mexico Threatens Legal Action Against Elon Musk's SpaceX Over Rocket Debris
Mexico Threatens Legal Action Against Elon Musk's SpaceX Over Rocket Debris | Firstpost America | N18G
Mexico's President, Claudia Sheinbaum, is threatening legal action against Elon Musk's SpaceX. Her government says rocket launches from the Starbase facility in Texas have caused contamination and debris to fall inside Mexican territory. The announcement follows a June 18 Starship explosion during a ground test. Officials allege debris from multiple launches has been found along the Tamaulipas coastline. Environmental teams are now conducting a review. Meanwhile, SpaceX has recently received US FAA approval to increase its annual launch rate, despite objections from conservation groups. Local concerns are also brewing at Starbase in Texas. Watch the video to know more.
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Time of India
an hour ago
- Time of India
Elon Musk loses $12,000,000,000 in one day amid Trump feud and Tesla crash — here's what caused second-biggest wealth wipeout in human history
Elon Musk suffers $12 billion loss in just one day amid Trump feud, Tesla stock plunge: On July 1–2, 2025, the world's richest man, Elon Musk, lost a staggering $12 billion in a single day. The massive drop in his net worth was largely triggered by a sharp fall in Tesla's stock price, following an escalating public dispute with President Donald Trump. According to the Bloomberg Billionaires Index, Musk's fortune dipped from around $367 billion to $355 billion—a 3.3% one-day decline, making it the second-largest personal wealth loss in human history. What caused Elon Musk's net worth to fall by $12 billion? The sharp fall in Elon Musk's net worth came after Tesla stock tumbled over 6–7% on July 1, 2025. The decline followed Donald Trump's public threats to strip Tesla of federal electric vehicle (EV) tax credits, which are worth an estimated $2.8 billion, and cut off SpaceX's government contracts, valued at $22 billion, if Musk didn't tone down his criticism of Trump-backed legislation. This high-stakes political clash rattled investors and dragged down Tesla's market capitalization by approximately $150 billion. Since Musk owns a massive share in Tesla, the dip wiped $12 billion from his personal wealth almost instantly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo How does this loss compare to Musk's past wealth swings? Musk is no stranger to massive wealth fluctuations. Just a few weeks earlier, on June 6, 2025, he lost $33.9 billion in one day after another heated moment in the ongoing feud with Trump caused a 14% drop in Tesla's share price. Although the recent $12 billion fall is smaller in comparison, it still ranks as one of the biggest single-day wealth losses in history. Musk's fortune has been extremely sensitive to Tesla's stock movement, and the current political uncertainty has amplified that volatility. Live Events What's Elon Musk's current net worth and how has it changed? As of June 30, 2025, Elon Musk was worth around $367 billion, per the Bloomberg Billionaires Index. After the drop, his net worth now stands at roughly $355 billion to $356 billion. Let's break it down: Peak net worth: $439 billion in December 2024 Current net worth (after July 1–2 drop): ~$355 billion Total decline since peak: Over $70 billion Single-day loss (July 1): $12 billion (~3.3%) Why does Elon Musk's fortune swing so wildly? Musk's wealth is mostly tied up in Tesla and SpaceX stock. Though he doesn't take a salary from Tesla, he earns stock awards based on performance. When Tesla stock surges, so does Musk's net worth—and vice versa. His investments are spread across several companies: Tesla : Main source of net worth SpaceX : Over 20% of his fortune xAI, X (formerly Twitter), Boring Company : Smaller shares Government contracts and subsidies : Crucial for both Tesla and SpaceX Even minor shifts in Tesla's stock can lead to multi-billion-dollar gains or losses for Musk in a single day. What triggered the feud between Elon Musk and Donald Trump? Tensions between Musk and Trump have been rising for months. It began when Musk openly criticized Trump's legislative priorities, including what he called the 'Big Beautiful Bill.' In response, Trump began hinting at removing federal support for Musk's companies, which led to sharp drops in Tesla's stock on multiple occasions. Trump's threat to cancel EV tax credits—a key selling point for Tesla buyers—could reduce Tesla's revenue by an estimated $1.2 billion annually. The risk of losing major SpaceX contracts with the U.S. government only adds to the uncertainty. What are analysts saying about Tesla's future? Despite the political storm, analysts at Wedbush Securities still have a positive outlook. They've set a price target of around $500 for Tesla, betting that the company will bounce back once tensions ease and delivery numbers for the second quarter are finalized. Meanwhile, others caution that Musk's increasing entanglement in politics could hurt investor confidence and expose his companies to long-term risk. A financial analyst told Axios, 'At the end of the day, being on Trump's bad side will not turn out well—especially when federal contracts and tax credits are involved.' Will Musk recover from this loss? It's not the first time Elon Musk has seen his wealth fluctuate drastically. In 2020, his net worth was under $30 billion, and by late 2021, it had surged to over $340 billion. His fortune reached an all-time high of $439 billion in December 2024, after Tesla shares jumped post-Trump reelection. Though his net worth is down over $70 billion since that peak, Musk still sits comfortably at the top of the billionaire list, with Jeff Bezos and Mark Zuckerberg trailing behind at $353 billion and $244 billion, respectively. Musk's empire remains vast—Tesla, SpaceX, xAI, The Boring Company, and X—and he's likely to recover, especially if market conditions improve and political pressure eases. Elon Musk Net Worth– Data Table Category Details Current Net Worth (July 2025) $367 billion Net Worth Peak (Dec 2024) ~$439 billion Pandemic Start Net Worth (2020) Just under $30 billion Nov 2021 Peak ~$340 billion Pre-election Net Worth (Oct 2024) ~$290 billion Post-Trump Re-election Surge ~$400 billion (briefly) Net Worth Loss Since Peak ~$70+ billion Major One-Day Loss (June 2025) $12 billion What does this mean for Musk—and for investors? This $12 billion loss is a reminder of how closely tied Musk's wealth is to political and market forces. Tesla's reliance on federal subsidies, especially EV tax credits, exposes the company to risk when political winds shift. For now, Elon Musk remains the richest person in the world, but the fight with Trump has clearly shaken investor confidence. As more details unfold—and if the Trump administration follows through on threats—Musk's financial rollercoaster may not be over yet. FAQs: Q1. Why did Elon Musk lose $12 billion in one day? Because Tesla's stock crashed after Trump threatened EV credits and SpaceX deals. Q2. What caused Elon Musk's second-biggest wealth loss? A political fight with Trump and falling Tesla shares.
Time of India
an hour ago
- Time of India
X tests AI bots for fact-checking Community Notes
Academy Empower your mind, elevate your skills Social media platform X has rolled out a pilot programme that lets artificial intelligence (AI) bots contribute to its Community Notes feature , a user-driven system for adding context to X's Community Notes handle, the company said, 'Starting today, the world can create AI Note Writers that can earn the ability to propose Community Notes. Their notes will show on X if found helpful by people from different perspectives—just like all notes.'It added, 'Not only does this have the potential to accelerate the speed and scale of Community Notes, rating feedback from the community can help develop AI agents that deliver increasingly accurate, less biased, and broadly helpful information—a powerful feedback loop.'Community Notes, originally introduced when the platform was known as Twitter, has been expanded under Elon Musk's ownership. It allows users to fact-check posts by adding extra context. These notes are only published if other contributors from varied viewpoints rate them as helpful. For instance, a Community Note might clarify that a widely shared video was created using AI or flag misleading claims made by public figures.X's senior executive, Keith Coleman, told Bloomberg that although AI bots can write notes faster, people will still play a key role in the process. 'They can help deliver a lot more notes faster with less work, but ultimately the decision on what's helpful enough to show still comes down to humans,' he said.• Sign up today and begin developing your AI Note Writer.• Start writing notes in test mode.• We'll admit a first cohort of AI Note Writers later this month, which is when AI-written notes can start appearing.
Indian Express
an hour ago
- Indian Express
Divided by ‘big beautiful bill', united by conflicts: The Musk vs Trump feud in last 48 hours
Just a day after slamming US President Donald Trump over a multitrillion-dollar tax and spending bill, world's richest man Elon Musk gave him unexpected praise, crediting Trump for resolving 'several serious conflicts around the world.' 'Credit where credit is due. Donald Trump has successfully resolved several serious conflicts around the world,' Musk posted on X, reacting to Trump's TRUTH Social post about ending the war in Gaza. Credit where credit is due. @realDonaldTrump has successfully resolved several serious conflicts around the world. — Elon Musk (@elonmusk) July 2, 2025 The praise came less than 24 hours after Musk criticised lawmakers for voting in favour of what he called 'the biggest debt increase in history.' He wrote: 'It is obvious with the insane spending of this bill… that we live in a one-party country – the PORKY PIG PARTY!!' It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people. — Elon Musk (@elonmusk) June 30, 2025 Musk's renewed attacks on the bill started Monday afternoon, when he threatened members of Congress who voted for the legislation. He said the bill would undermine his efforts at DOGE which sought fiscal responsibility by eliminating what he and others viewed as wasteful spending. The Senate bill would add nearly $3.3 trillion to the deficit over the next decade, according to a Congressional Budget Office estimate released Sunday. The Senate legislation costs more than the House-approved bill, which would add $2.4 trillion to the deficit over the next decade. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth,' he wrote on X. Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth. — Elon Musk (@elonmusk) June 30, 2025 He later shared a campaign poster with 'LIAR' written across Pinocchio's face above the text 'Voted to increase America's debt by $5,000,000,000,000.' 'Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' Musk wrote. Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year — Elon Musk (@elonmusk) July 1, 2025 Musk wrote several posts about creating a third party called 'the America Party,' which would serve as a populist alternative to the Republican and Democratic parties. 'If this insane spending bill passes, the America Party will be formed the next day,' Musk said. If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE. — Elon Musk (@elonmusk) June 30, 2025 He also posted that he would contribute to the re-election campaign for Kentucky Rep. Thomas Massie, who has been one of the few Republican voices in Congress to take a stand against the bill. Trump has publicly scolded Massie for his opposition. Mocking Republican lawmakers and Musk said, 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill…?' He added, 'They will lose their primary next year if it is the last thing I do on this Earth.' Trump early Tuesday morning responded with a threat: He could use DOGE to probe the government contracts and subsidies Musk's companies receive. 'Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,' Trump wrote on Truth Social. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!' In the hours after Trump's post, Musk reposted several graphics on X depicting a climbing national debt, which currently sits at more than $36 trillion, according to government data. On Tuesday at the White House, Trump said Musk risked serious losses from his opposition to the bill. 'He's upset that he's losing his EV mandate,' Trump said. 'He could lose a lot more than that, I can tell you right now. Elon could lose a lot more than that.' 🚨 President Trump on Elon Musk today: 'He is upset he is losing the EV mandate. He can lose a lot more than that.' — DogeDesigner (@cb_doge) July 1, 2025 When asked if Trump would want to deport Musk, an American citizen, Trump said, 'I don't know, we'll have to take a look.' Though Musk has been a naturalised US citizen since 2002, deportation is not legally possible unless citizenship was obtained fraudulently, CNN notes. 'We might have to put DOGE on Elon,' Trump added. 'You know what DOGE is? DOGE is the monster that might have to go back and eat Elon. Wouldn't that be terrible? He gets a lot of subsidies. Elon's very upset that the EV mandate is going to be terminated.' Musk quickly reacted to the video of Trump, saying he was 'tempted' to escalate the tensions but would 'refrain for now'. 'So tempting to escalate this. So, so tempting. But I will refrain for now,' Musk wrote on X. So tempting to escalate this. So, so tempting. But I will refrain for now. — Elon Musk (@elonmusk) July 1, 2025 Trump has argued that Musk's primary opposition to the Big, Beautiful Bill is the loss of EV tax credits. Musk denies that, retweeting a post Monday that said, 'Elon's opposition to the 'One Big Beautiful Bill' has never been about its removal of EV tax credits or the EV mandate, it's simply about his passionate opposition to rising government debt.' 'All I'm asking is that we don't bankrupt America,' Musk posted. All I'm asking is that we don't bankrupt America 🤷♂️ — Elon Musk (@elonmusk) July 1, 2025 Two of Musk's companies — SpaceX and Tesla — have US government contracts or benefit from subsidies, though it is unclear exactly how much the benefits are worth. The Washington Post has reported that Musk's businesses have received at least $38 billion in various government benefits, credits and contracts. So far, the feud hasn't grown as personal or as vicious as their public blow-up last month when Musk, without providing evidence, accused Trump of withholding information about disgraced financier and convicted pedophile Jeffrey Epstein, and claiming that Trump's name was included in the government's so-called Epstein files. The public split is a steep downfall from their previously close-knit relationship, which saw Musk spend at least an estimated $250 million to help elect Trump. A week after the peak of that feud, Musk said he regretted some of his posts about Trump. Musk deleted some of his most inflammatory X posts, including the one relating to Epstein and another agreeing with the suggestion that Trump should be impeached. Musk had since softened his tone about Trump and the bill, largely shifting his focus on social media and in interviews to his companies.
