Sen. Tim Scott: Trump's major policy bill will ‘protect American recipients of Medicaid'
South Carolina GOP Senator Tim Scott says he's optimistic Trump's massive policy bill will pass the Senate by July 4th and tells CNN's Pamela Brown what he thinks of Elon Musk's criticism of the legislation.
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Yahoo
32 minutes ago
- Yahoo
Why Musk's feud with Trump could jeopardize his business empire
Elon Musk, the world's richest man, may have made himself an enemy of the world's most powerful leader. The public blowout between Musk and President Trump is threatening the tech billionaire's businesses, some of which have billions of dollars' worth of federal contracts. Musk's aerospace company SpaceX alone reportedly has at least $22 billion in federal contracts — which Trump had threatened to revoke at the peak of his feud with his former adviser. 'Trump goes after people, companies and organizations he doesn't like,' said Peter Loge, a professor at George Washington University and former senior FDA adviser during the Obama administration. 'As a real estate developer, politician and president, he has used every tool at his disposal to punish people he thinks have wronged him,' Loge added. 'Unless Musk expresses contrition, Trump is likely to hurt him in every way he can think of. If Musk is contrite, he can be welcomed back into the Trump tent.' While the two could reconcile in the future, observers agree the dramatic turn of events leaves Musk's business empire vulnerable to Trump's wrath. Trump, at one point during Thursday's back-and-forth, threatened to cut Musk's government contracts as he called his former adviser 'crazy.' 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Trump wrote in a Truth Social post. Musk, in turn, said he would decommission SpaceX's Dragon spacecraft, which is responsible for ferrying astronauts and cargo to and from the International Space Station. He later backed off, after an X user urged him to 'cool off and take a step back.' The exchange underscored how Musk's business ventures could get caught in the crosshairs of any feud with the president, who is known to have a proclivity for retribution. 'If this turns into a hot war, certainly, the consequences for Musk's business relationship with the federal government could be in peril, or at least significantly complicated,' said GOP strategist and Trump campaign alum Brian Seitchik. The tech billionaire officially departed the White House last week after a four-month stint in government in which he seemed to rarely leave Trump's side, becoming a near constant presence at Mar-a-Lago, Cabinet meetings and the Oval Office. He exited the administration seemingly on good terms with Trump despite his pushback against the president's sweeping tax and spending bill — the centerpiece of Trump's domestic policy agenda, which is projected to add trillions of dollars to the deficit. Trump presented Musk with a golden key to the White House during a Friday farewell ceremony in Oval Office, during which the duo downplayed their differences and spoke highly of each other's work. However, Musk sharpened his criticism of Trump's 'big, beautiful bill' soon after, as he slammed the legislation as a 'disgusting abomination.' The president responded Thursday, saying he was 'very surprised' and 'disappointed' by Musk's comments and cast doubt on the future of their relationship. 'Elon and I had a great relationship. I don't know if we will anymore,' Trump said during an Oval Office appearance alongside German Chancellor Friedrich Merz. The situation quickly devolved into personal attacks. Musk fired back on his social platform X, suggesting the president would have lost the 2024 election without him, linking Trump to disgraced financier Jeffrey Epstein and backing calls for the president's impeachment. As the feud dragged on Thursday, Tesla's stock plunged 14 percent Thursday, costing the electric vehicle maker more than $150 billion. The company was still trying to fully recover from the fallout of Musk's highly controversial role in the Trump administration, leading the Department of Government Efficiency (DOGE). Tesla's stock is down 20 percent since the start of the year. 'The social media and war of words back and forth is not good for anyone and put massive pressure on Tesla shares with fears that Trump will turn from friend to foe and create a tough regulatory environment for Musk in the Beltway,' Wedbush Securities analysts wrote in a note Friday. 'Musk needs Trump and Trump needs Musk for many reasons, and these two becoming friends again will be a huge relief for Tesla shares,' they added. Ross Gerber, a longtime Tesla investor and CEO of Gerber Kawasaki Wealth and Investment Management, slammed Musk for the ripple effects his comments may have had on Tesla's stock. 'Trump is an angry and vindictive man who doesn't forget when slighted. This doesn't get solved other than Elon groveling back and publicly apologizing,' Gerber wrote on X Friday, adding in an earlier post, 'So Tesla investors are down $140 billion over this break up. About how much Musk claimed to saving for the US government.' As the back-and-forth unfolded Thursday, Gerber quipped, 'Can someone please take the phone away from him [Musk].' When pressed on the feud, White House press secretary Karoline Leavitt said Musk has a right to speak for his companies. 'So the only difference between Friday and today is Elon went back to his companies. And, as a businessman, he has a right to speak for his companies. But as president, President Trump has a responsibility to fight for this country,' she said Thursday on FOX News Channel's 'Hannity.' While Trump could pose new risks to Musk's business outlooks, analysts say the fight could also impede the president's ability to run the government. SpaceX held federal contracts with agencies like NASA and the Pentagon long before Trump's presidency, becoming a crucial partner to the federal government as it phased out the space shuttle program. If Musk reverses on his decision to keep Dragon in commission, experts say it could debilitate the U.S. space program 'If such threats were carried out, it would be catastrophic,' said space policy expert Mark Whittington, adding later, 'Without SpaceX, we're back to being dependent on the Russians.' NASA has increasingly relied on SpaceX for its infrastructure, including the Dragon capsule, which is the only U.S. system capable of getting crews to the International Space Station. Russia's Souyuz capsules, the Associated Press reported, are the only other way to get crews to the space station. While both Trump and Musk have much to lose from a war, some Republicans veterans aren't ruling out the chance of a reconciliation. 'There's always the possibility that Trump is serious about this, but I think if you take the 'Art of the Deal' seriously, he is often maximally negotiating,' said GOP strategist Chris Johnson. The feud appeared to cool slightly Friday morning, as Musk seemingly agreed with a post from hedge fund manager Bill Ackman, who suggested the pair 'should make peace for the benefit of our great country.' But Trump has shown no desire to talk to Musk despite reports the two might speak on the phone. 'I won't be speaking to him for a while, I guess, but I wish him well,' Trump told CNN's Dana Bash on Friday. Tesla's stock partially recovered amid hopes of a détente, rising 5 percent. 'If Musk is able to sue for peace and the onus is on him to make peace with Trump, then it'll be a blip in the screen and their bromance will be restored,' Seitchik told The Hill. However, he added, 'If this call goes poorly and this continues to escalate, then certainly Trump will look for every bit of leverage to inflict pain on Elon Musk and his businesses.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign in to access your portfolio
Yahoo
32 minutes ago
- Yahoo
Johnson brushes off Musk campaign spending threats: ‘It doesn't concern me'
House Speaker Mike Johnson (R-La.) in an interview Friday brushed off Elon Musk's campaign spending threats in light of the tech billionaire's public fallout with President Trump, suggesting he isn't worried. The spat between Trump and Musk began with the latter's criticism of the president's legislative agenda making its way through Congress. Johnson said he built a closer relationship with the then-special government employee and that the tech mogul has been led astray regarding the 'big beautiful' spending package. 'Look, it doesn't concern me. We're going to win either way because we're going to win on our policies we're delivering for hardworking Americans and fulfilling those promises,' Johnson told Fox News's 'Jesse Watters Primetime.' 'But look, I like Elon and respect him. I mean, we became friends in all this process,' he continued. 'I've been texting with him even this week … in trying to make sure that he has accurate information about the bill. I think he has been misled about it.' Musk, who contributed hundreds of millions of dollars to assist in Trump's win in the 2024 presidential election, was the biggest donor during the White House race. Amid his recent spat with Trump, which broke out in public as the two traded insults and threats, Musk argued that without his political expenditures, Trump would have lost to former Vice President Harris, Republicans would lose the majority in the House and the GOP would have failed to flip the majority in the Senate. Trump then threatened to have all federal contracts associated with the billionaire's companies to be cut off. As the fight between the two intensified, the tech executive floated the idea of forming a third party and accused the president of being named in the late Jeffrey Epstein's files. Trump has denied close ties to the disgraced financier. Musk's opposition to the GOP megabill — which he called a 'disgusting abomination' — is largely tied to deficit spending. The billionaire argued the legislation would balloon the national debt and fails to slash enough spending. The package faces an uphill battle in the Senate. While Musk, who recently left his position as the top adviser to Trump's Department of Government Efficiency (DOGE), seemed open to repairing ties on Friday, the president appeared to be OK with moving on. Johnson in the interview Friday defended the spending bill and commended Trump for his handling of the squabble. 'We're going to make good on this… I like the president's attitude. You know, he is moving on. He has to,' he told the host. 'He's laser-focused on delivering for the people. And House and Senate Republicans are as well. So, we've got our hand at the wheel.' 'We're going to get this done just like we told the people,' the Speaker continued. 'And if you are a hardworking American that is struggling to take care of your family, you are going to love this legislation.' The Louisiana Republican added, 'I'm telling you, all boats are going to rise and everybody's going to be in a much better mood before we go into that midterm election in 2026.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
34 minutes ago
- Bloomberg
Musk Looms Over Latest Ergen Fight Threatening EchoStar Debt
Save Welcome to The Brink. I'm Eliza Ronalds-Hannon, a senior reporter in Atlanta, covering EchoStar's missed interest payment after the Federal Communications Commission started a review. We also have updates on Wellness Pet and auto sector distress. Follow this link to subscribe. Send us feedback and tips at debtnews@ Creditors to EchoStar and its pay-TV unit Dish Network huddled over the past eight days as they came to terms with the latest curveball thrown by Charlie Ergen.
