Elon Musk turns against Trump, calls for impeachment as Tesla stock plunges
Elon Musk publicly signaled support for the impeachment of President Donald Trump on Thursday, deepening a dramatic split between the two men that sent Tesla 's stock tumbling 16% and stunned political and financial circles alike.
Musk & Trump: From Allies to Adversaries
November 2022
Musk reinstates Trump's Twitter account after a public poll.
2023
Their alliance grows. Musk praises Trump's immigration stance and visits the southern border.
March 2024
Musk says he won't back any candidate yet, but leans away from Biden.
July 2024
After an attempt on Trump's life, Musk endorses him and reportedly donates millions of dollars.
August 2024
Musk hosts Trump for a live interview on X.
January 2025
Trump gives Musk a government role to help cut federal spending.
Inauguration Day
Musk makes a controversial hand gesture at Trump's swearing-in, sparking backlash.
April–May 2025
Musk steps back from his role, then quits — criticizing Trump's big spending bill.
June 2025
The feud goes public: Musk mocks Trump's policies and alleges that Trump's name appears in secret records tied to sex offender Jeffrey Epstein. Trump fires back. Musk briefly threatens to pull NASA support, then backs down.
It came hours after Musk made an explosive allegation — without offering evidence — that Trump's name appears in secret records tied to Jeffrey Epstein, the late financier with connections to powerful figures worldwide.
'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' Musk wrote, as he alleged the president had ties to the convicted sex offender — an accusation that has not been independently verified.
The White House moved quickly to counter the allegations.
'Elon was 'wearing thin,' I asked him to leave,' Trump posted on Truth Social, referring to Musk's recent departure as head of the Department of Government Efficiency. 'I took away his EV Mandate that forced everyone to buy Electric Cars … and he just went CRAZY!'
Speaking Thursday from the Oval Office, where he was supposed to be discussing an end to the Russia-Ukraine war with German Chancellor Friedrich Merz, Trump expressed regret over the deteriorating relationship.
'Elon and I had a great relationship. I don't know if we will anymore,' he said. 'I was surprised.'
Shares of Trump Media & Technology Group, which trades under the ticker DJT, also fell 8% amid the feud.
House Democrats quickly seized on Musk's bombshell claim that Trump's name appears in classified records related to Epstein. Within hours, lawmakers renewed calls for the unsealing of those documents.
Trump retaliated by threatening to eliminate billions of dollars' worth of federal contracts and subsidies benefiting Musk's companies, including Tesla, his internet company Starlink and rocket company SpaceX.
'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' the president wrote on Truth Social. 'I was always surprised that Biden didn't do it!'
'Go ahead, make my day,' Musk quickly replied on X, where he warned that Trump's economic policies could backfire.
'The Trump tariffs will cause a recession in the second half of this year,' he wrote on X.
Musk later announced SpaceX would begin decommissioning the Dragon spacecraft it used to carry astronauts and cargo to the International Space Station for NASA.
Just days earlier, the two men had shared a stage in the Oval Office, exchanging praise and posing with a ceremonial golden key to the nation.
'Elon's service to America has been without comparison in modern history,' Trump said at the time.
Musk, wearing a black T-shirt with wording that read 'The Dogefather,' returned the compliment.
'The Oval Office finally has the majesty that it deserves, thanks to the president,' he said.
Musk spent at least $250 million backing Trump's reelection campaign last year, including a daily $1 million voter sweepstakes in Pennsylvania.
On Thursday, Stephen Bannon, a longtime Trump confidant and frequent Musk critic, called for formal investigations into the billionaire's businesses and immigration history.
'I believe a formal inquiry into his immigration status is warranted,' Bannon told the New York Times. 'I am firmly convinced he is in the country illegally and should be deported without delay.'
Rapper Kanye West, an ardent Trump supporter who now performs as Ye, took a more conciliatory tone. In a post on X, he pleaded with both men to reconcile.
President vs Elon. Who wins? My money's on Elon.
Trump should be impeached and JD Vance should replace him. pic.twitter.com/r0D4Gkiz4v
— Ian Miles Cheong (@stillgray) June 5, 2025
By late Thursday, tensions appeared to be easing.
White House officials told Politico they had arranged a call between Trump and Musk for Friday.
'It's okay,' Trump said of the dispute. 'It's going very well, never done better.'
Musk also seemed to tone things down. When an X user suggested both sides 'take a step back for a couple days,' the Tesla CEO replied, 'Good advice. Ok, we won't decommission Dragon.'
Amid the political firestorm, Tesla faces worsening fundamentals.
The automaker is grappling with declining sales in Europe and diminished brand strength in the U.S. A long-delayed robotaxi pilot in Austin, Texas, set for June 12, faces mounting pressure from competitors such as Waymo, which is already logging 250,000 autonomous rides per week.
Tesla stock is down more than 25% this year.
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