From ally to enemy: Trump-Musk feud escalates
Shafaq News/ On Saturday, US President Donald Trump warned that tech billionaire Elon Musk would face "very serious consequences" if he finances Democratic candidates running against Republicans who supported the GOP's budget bill.
In a phone interview with NBC News, Trump dismissed any possibility of mending ties with Musk after a public feud between the two men escalated this week. Tensions intensified earlier in the week when Musk criticized the GOP-led spending package, which had passed the House in May.
Despite the clash, Trump expressed confidence that the legislation, dubbed the One Big Beautiful Bill Act (Republican-led spending and tax package) would pass the Senate before July 4. 'The Republican Party has never been united like this before. It's actually more so than it was three days ago,' he confirmed, adding that Musk's criticism may have inadvertently boosted support for the bill.
Trump also rejected calls from allies—among them conservative activist Steve Bannon—to investigate Musk's business dealings or immigration record.
Earlier, Musk described the 'One Big Beautiful Bill Act' as a 'disgusting abomination,' warning it would raise the federal deficit by $2.5 trillion over the next decade.
Trump responded by calling him 'a man who has lost his mind' and hinted at selling or donating his Tesla vehicle, which he had purchased as a symbol of support for the SpaceX CEO.
Since the start of 2025, Tesla has lost approximately $380 billion in market value, dropping from $1.3 trillion in early January to $950.6 billion as of June 6—a decline of 29.3 percent, the worst performance among major global companies this year.
The sharpest loss came after Trump publicly threatened to cut government contracts with Musk's firms, triggering a 14 percent drop in Tesla shares, erasing $152 billion in value. Musk's personal fortune also fell by an estimated $34 billion during that session, though he remains the world's richest person with a net worth of around $334.5 billion.
The tech billionaire was a major donor to Trump's 2024 campaign, reportedly contributing over $250 million to support swing-state efforts. At the start of his term, Trump appointed Musk to head the Department of Government Efficiency, where Musk implemented mass layoffs and shut down several federal agencies.
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