Trump Is Bleeding Hundreds of Millions Thanks to Musk's War
As reported Thursday, Musk's personal fortune was cut by $26.6 billion after Tesla shares slumped by more than 14 percent, wiping a mind-boggling $150 billion off the EV giant's market value.
But Trump isn't escaping unscathed. According to Axios, Trump Media & Technology Group stock declined 8 percent, while his MAGA-fueled $TRUMP cryptocurrency tumbled 12 percent—bleeding him of more than a billion dollars.
The website reported that the 8 percent dip in Trump Media & Technology Group cost the president around $202 million.
But he may be more concerned by the roughly 10 percent decline in the value of of his Official Trump meme coin, potentially costing him nearly $900 million.
As Axios noted: 'Both men got to vent their frustrations publicly, and it only cost them about $21 billion.'
The dramatic split was triggered when Musk, having departed his DOGE post on May 30, torched Trump's so-called 'One Big Beautiful Bill'—a sprawling tax-and-spending package—as a 'disgusting abomination.'
Musk, who had personally poured nearly $300 million into Republican campaigns in 2024, tweeted: 'Without me, Trump would have lost.'
After an uncharacteristic delay, Trump hit back—threatening to strip federal contracts from Musk's companies, which would kill electric vehicle tax credits and cost Tesla $1.2 billion this year, according to JPMorgan analysts.
Musk then pressed the nuclear button by alleging Trump's name appears in sealed legal files on the late pedophile financier Jeffrey Epstein.
He also called for Trump's impeachment, responding 'yes' to a user on X who wrote: 'Trump should be impeached and JD Vance should replace him.'
However, a truce may be on the horizon, as Trump and Musk are expected to speak in person on Friday, according to Politico's White House Bureau Chief Dasha Burns.
Perhaps, as the old adage goes, money really does talk.
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