On Thursday, President Donald Trump issued a warning to terminate government contracts with billionaire Elon Musk’s companies, while Musk proposed that Trump should face impeachment, escalating their previously friendly relationship into a fierce conflict on social media.
The discord began when Trump criticized Tesla CEO Musk during a meeting in the Oval Office. Within a matter of hours, their once-strong bond had completely unraveled in the public eye, as the most powerful leader in the world and its wealthiest individual exchanged personal insults on Trump’s Truth Social and Musk’s X.
Wall Street investors reacted by selling off shares of Musk’s electric vehicle company, resulting in Tesla’s stock plummeting by 14.3%, which equated to a loss of approximately $150 billion in market capitalization. This marked the largest single-day drop in Tesla’s history.
Wall Street traders sold off shares of Musk’s electric vehicle company, resulting in Tesla’s stock closing down 14.3%, which equates to a loss of approximately $150 billion in market capitalization. This marked the largest single-day drop in Tesla’s history.
The discord between the two began to escalate several days prior, when Musk criticized Trump’s extensive tax-cut and spending legislation. Initially, the president refrained from commenting while Musk worked to undermine the bill, arguing that it would significantly increase the nation’s debt, which stands at $36.2 trillion.
On Thursday, Trump finally addressed the situation, expressing his disappointment in Musk during a press conference in the Oval Office.
“Elon and I had a wonderful relationship. I’m not sure if that will continue,” Trump remarked.
As Trump was speaking, Musk was quick to respond with increasingly sharp comments on X.
“Without my support, Trump would have lost the election,” Musk stated, referencing his nearly $300 million investment in Trump and other Republican candidates during the previous election cycle. “Such ingratitude.”
In another post, Musk claimed that Trump’s signature tariffs would lead the U.S. into a recession later this year.
In addition to Tesla, Musk’s ventures encompass the rocket company and government contractor SpaceX, along with its satellite division, Starlink.
(Newsroom staff only edited this story for style from a syndicated feed)
