Latest news with #BigUglySpendingBill
Time of India
3 days ago
- Business
- Time of India
What Mark Cuban and other billionaires said on Donald Trump-Elon Musk breakup
The public relationship between and US President unraveled on Thursday (June 5) following Musk's criticism of a key legislative initiative. The dispute, which escalated rapidly, saw both figures engage in public exchanges, leading to significant financial repercussions for Musk. Tired of too many ads? go ad free now The exchange began when Musk, who departed his role at DOGE in May, criticised the Trump Administration's " Big Beautiful Bill ." Musk labeled the legislation the "Debt Slavery Bill" and the "Big Ugly Spending Bill." President Trump responded during a White House event, defending the bill and subsequently threatening to cancel government contracts associated with Musk's companies via a post on Truth Social. This led to a decline in Tesla shares . The public dispute between the two prominent figures has since drawn commentary from various business leaders, including , Bill Ackman, Vinod Khosla and others. Here's what business leaders said about Musk-Trump online spat Mark Cuban The former "Shark Tank" star Mark Cuban endorsed Musk's idea of creating a new political party. Cuban reshared Musk's poll on X with three check marks Bill Ackman Billionaire Bill Ackman backed both Trump and Musk on X, advising them to "make peace for the benefit of our country." 'We are much stronger together than apart,' he said with Musk responding, 'You're not wrong.' Paul Graham Y Combinator cofounder Paul Graham shared his thoughts X, saying, 'A lot of people seem to be treating this as if it were just a beef. But the underlying allegation is a very serious one. If it's true, Trump is surely going to have to resign,' he wrote in a post on X. Vinod Khosla Vinond Khosla, who has been a critic of Musk, supported the Tesla CEO on his stand on deficit. Tired of too many ads? go ad free now 'Despite our differences, I admire your speaking up on the deficit!' Notably, Khosla endorsed Kamala Harris and was engaged in verbal spat online with Musk multiple times. Anthony Scaramucci Anthony Scaramucci, who has been a critic of Trump, voiced his support for Musk. 'Elon is right about Trump," the former Goldman Sachs investment banker said in an X post. In a separate post on Friday, Scaramucci said that "Elon lasted 12 Scaramuccis," a tongue-in-cheek reference to his 10-day tenure as White House communications director before Trump fired him. Shaun Maguire In an X post, Sequoia partner Shaun Maguire praised Musk for sticking to his guns. 'Elon leaves it all on the field. And he puts what he believes in ahead of himself. How can you not be inspired by that,' he added. Gary Cohn According to Gary Cohn, IBM's vice chairman, things could be very different next week, cautioning against overreacting to the situation. 'If we've learned one thing over the Trump administration, this is a few hours, the world could be completely different a week from now. It's not like the White House is sitting there only worried about the Elon Musk situation,' he said on CNBC. JBL Tune Beam 2 Review: The TWS Earbuds That Punch Above Their Weight!
New York Post
3 days ago
- Business
- New York Post
Big, beautiful breakup — a complete timeline of Trump and Musk's feud
12:00pm – TRUMP in meeting with German Chancellor, Oval Office I said, 'Do you want a little make up? We'll get you a little makeup.' But he said, 'No, I don't think so,' 12:07 pm – TRUMP in meeting with German Chancellor, Oval Office 'I'm very disappointed in Elon. I've helped Elon a lot.' 'Elon and I had a great relationship, I don't know if we will anymore.' 12:19pm – Advertisement Musk on X: 'Whatever. Advertisement Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill. In the entire history of civilization, there has never been legislation that both big and beautiful. Everyone knows this! Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way'. 1:57pm – Advertisement Musk on X: Musk posts a poll: 'Is it time to create a new political party in America that actually represents the 80% in the middle?' Options: Yes. No. 2:23pm – Musk on X: Advertisement 'Not even those in Congress who had to vote on the Big Ugly Spending Bill had time to read it!' 2:30pm – Musk on X Musk reposts a poll that says: Who is right? Donald Trump vs Elon Musk 2:37pm – TRUMP on Truth Social 'Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' 2:37pm – TRUMP on Truth Social Advertisement '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!' 2:48pm – Musk on X: 'Such an obvious lie. So sad.' With a screenshot of the first Truth Social post. 2:49pm – Advertisement Musk on X: 'This just gets better and better Go ahead, make my day …' 3:10pm – Advertisement Musk on X: 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Advertisement Have a nice day, DJT!' 4:06pm – TRUMP on Truth Social 'I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!' 4:09pm – Musk on X: 'In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately' 4:11pm – Musk on X: YES Reposted an Ian Miles Cheong post: President vs Elon. Who wins? My money's on Elon. Trump should be impeached and JD Vance should replace him. 4:26pm – Musk on X: 'The Trump tariffs will cause a recession in the second half of this year' 4:43pm – Musk on X Musk reposts a video shared by Natalie F Danelishen with caption: In 1992 Trump partied with Jeffrey Epstein. Just gonna leave this here
Time of India
3 days ago
- Business
- Time of India
Brooos please nooo: In Trump vs Musk, Ye (Kanye West) and Bill Ackman try to play the peacemaker
Once seen side by side at Mar-a-Lago and the White House, President Donald Trump and Tesla CEO Elon Musk are now locked in a very public and politically charged feud. The fallout has triggered not just a market reaction—Tesla shares plunged over 14%—but also a flood of commentary from billionaires, political figures and investors urging the two to reconcile. The tipping point came this week when Trump threatened to revoke billions in government contracts and subsidies to Musk's companies. Musk, in turn, declared he would end SpaceX's Dragon spacecraft operations and went as far as suggesting Trump's name was being suppressed in the Jeffrey Epstein documents. Bill Ackman, Ye and Jim Jordan appeal for peace On Thursday, hedge fund billionaire Bill Ackman made a direct appeal for calm. Posting on X, Ackman wrote: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로 나온 '실손보험' 최적가 비교가입! "월 보험료 줄이고, 보장은 실속있게"... 굿리치 보험대리점 (등록번호:제2006038313호) 가격 받기 Undo 'I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart.' — elonmusk (@elonmusk) Live Events Musk replied, 'You're not wrong.' The call was echoed by rapper Ye, formerly known as Kanye West, who added on X, 'Broooos please noooooo 🫂 We love you both so much.' — kanyewest (@kanyewest) Meanwhile, Congressman Jim Jordan told Fox News' Laura Ingraham, 'I hope Elon Musk and Trump will reconcile.' Steve Bannon suggests SpaceX takeover Not everyone is in a forgiving mood. Steve Bannon, once a close Trump ally and now a critic of Musk, took a harsher stance. On his War Room Live show, Bannon said: 'The U.S. government should seize it,' referring to SpaceX. 'The administration should strip Musk of his security clearance and suspend all federal contracts to Musk's companies, pending an investigation.' Bannon called on Trump to use the Defence Production Act to nationalise SpaceX, citing national security. Musk lashes out over tax bill The dispute began when Musk publicly criticised Trump's Republican tax bill, labelling it the 'Big Ugly Spending Bill' on X. He argued that its elimination of electric vehicle tax credits would worsen the national deficit. Musk said he had never seen the final version of the bill, which was rushed through overnight. Trump responded during a White House briefing, accusing Musk of 'Trump Derangement Syndrome' and insisted Musk had been consulted. Behind the policy fight is a deeper breakdown. Musk, who once chaired Trump's Department of Government Efficiency, now accuses him of policy sabotage and political betrayal. Wall Street reacts: Tesla shares plummet The market impact was immediate. Tesla shares plunged more than 14% as investors panicked over the political fallout. Dan Ives of Wedbush described the clash as, 'Jaw dropping and a shock to the market.' He warned it could reshape the regulatory landscape for autonomous vehicles under Trump's leadership. Still, Ives maintained a bullish view on Tesla, calling the row a 'fly in the ointment' rather than a full reversal. Ross Gerber of Gerber Kawasaki took a harsher tone, 'Elon going postal on Trump and Tesla stock is getting walloped. Trump will be returning his new Tesla and is saying he got musked. All this can't be good for shareholders.' Speculation on new political alliances Musk's suggestion of forming a centrist political party gained traction. Billionaire Mark Cuban supported the idea, and former candidate Andrew Yang amplified it, imagining a 2028 Independent primary featuring Cuban, JPMorgan CEO Jamie Dimon and actor Matthew McConaughey. Political analyst Ian Bremmer weighed in, posting on X, 'Trump is more powerful than elon, but far less competent.' Strategic fallout: National security concerns grow David Rosenberg, of Rosenberg Research, warned the feud may undermine U.S. dominance in space technology: 'The politics of what Musk is doing may actually be the most significant part of that.' Given SpaceX's central role in U.S. aerospace and defence strategy, any disruption to its federal contracts could have far-reaching consequences. From allies to adversaries: a relationship in reverse Until recently, Musk and Trump were close. Musk had endorsed Trump after he survived an assassination attempt, celebrated with him on election night, and even brought his son to the Oval Office. But all of that collapsed this week. On Thursday, Musk stepped down from his role at the Department of Government Efficiency. He launched into a stream of critical posts, while Trump fired back on Truth Social. The split may have started over tax policy, but now it's personal—and political. And with both men commanding immense influence over money, media and public opinion, their feud could reshape not just alliances, but elections.
Business Insider
3 days ago
- Business
- Business Insider
Here's how big business leaders are reacting to the Trump-Musk breakup
The friendship between Elon Musk and Donald Trump publicly unravelled on Thursday. It all started when Musk criticized Trump's "Big Beautiful Bill." Here's what business leaders like Mark Cuban and Bill Ackman have to say about the breakup. Amid a dramatic falling out between Donald Trump and his "first buddy," Elon Musk, some of the business world's most influential voices are weighing in. The relationship between the president and his once-close ally imploded on Thursday as they clashed publicly over Trump's "Big Beautiful Bill." Musk, who stepped down from his role at DOGE in May, took to X to criticize the bill, calling it the " Debt Slavery Bill" and the " Big Ugly Spending Bill." In response, Trump fired back at Musk during a White House event. He also defended the bill on Truth Social, while threatening to cancel Musk's government contracts. Musk saw his net worth fall by $34 billion on Thursday, per the Bloomberg Billionaires Index. Tesla shares were also down by more than 14%. Here's what several business leaders have to say about the row. Mark Cuban Amid his feud with Trump, Musk proposed creating a new political party for "the middle" in a poll on X. Mark Cuban appeared to endorse the idea, quoting Musk's post and replying with three check marks. ✔️✔️✔️ — Mark Cuban (@mcuban) June 5, 2025 The former "Shark Tank" star previously said he's "not a fan of either party," but would run as a Republican if he wanted to join politics. Bill Ackman Hedge fund billionaire Bill Ackman voiced his support for both Trump and Musk on X, calling on the two to put aside their differences and "make peace for the benefit of our country." You're not wrong — Elon Musk (@elonmusk) June 6, 2025 Ackman, who had endorsed Trump for his 2024 presidential bid, wrote: "We are much stronger together than apart." "You're not wrong," Musk responded. Paul Graham Paul Graham, cofounder of the startup accelerator Y Combinator, also weighed in on the public feud between the president and the Tesla CEO. "A lot of people seem to be treating this as if it were just a beef. But the underlying allegation is a very serious one. If it's true, Trump is surely going to have to resign," he wrote in a post on X. Graham did not specify what allegation he was referring to. A lot of people seem to be treating this as if it were just a beef. But the underlying allegation is a very serious one. If it's true, Trump is surely going to have to resign. — Paul Graham (@paulg) June 5, 2025 Hours before Graham made his post, Musk went on X and accused Trump of withholding information about Jeffrey Epstein. "Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" Musk wrote on X. Graham told Musk in February that he should work with the government "carefully" because it's not "just a company." A representative for Graham did not immediately respond to a request for comment from Business Insider.
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Business Standard
3 days ago
- Automotive
- Business Standard
Jabs fly as Musk and Trump step into the ring, here's how the feud unfolded
US President Donald Trump and tech billionaire Elon Musk, who were once the closest allies, are now publicly trading barbs at each other. After staying silent on Musk's criticism of the 'Big Beautiful Bill', Trump has now responded, while addressing the reporters in the Oval Office on Thursday (local time). Here is a look at how the feud between Trump and Musk unfolded: The feud between Elon Musk and Donald Trump began with the former criticising 'Big Beautiful Bill' in an interview with CBS. Musk's critique of the bill came a day before he exited DOGE. Even though Musk did not explicitly target Trump, in a post on X, he wrote, 'Shame on those who voted for it', referring to the Congress members who voted in favour of the tax cut bill. While Trump remained silent for days, things changed after he answered questions at the Oval Office. He responded by saying, 'And you know Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles. And they're having a hard time, the electric vehicles. And they want us to pay billions of dollars in subsidies. Elon knew this from the beginning; he knew it a long time ago.' 'He knew every aspect of this bill — better than almost anybody, and he never had a problem until right after he left. He said the most beautiful things about me. He hasn't said bad things about me personally, but I'm sure that'll be next. But I'm very disappointed in Elon. I've helped Elon a lot.' Following Trump's remarks, Musk took to X and started responding in real time to what the US president said during his press conference. He wrote, "False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' His next tweets were directed at Trump, moving beyond the bill, in which he claimed that Trump would have lost the election without him. Musk also put up a poll on X, asking his followers about the formation of a new political party "that actually represents the 80 per cent in the middle." He then gave a new name for Trump's 'Big Beautiful Bill', calling it the "Big Ugly Spending Bill", adding that even those who voted for this bill had the time to read about it. Trump then responded to Musk's tweet by taking to Truth Social. Sharing two posts on his private social media platform, Trump wrote, "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went 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!" Responding to Trump's accusation regarding the EV mandate, Musk called it an "obvious lie". He then dared Trump to cancel government contracts with his companies. The social media bashing continued with Musk accusing Trump of being in " the Epstein files", adding that this is the reason that they have not been released. In an attempt to defend his tax cut bill, Trump posted on Truth Social and wrote, "I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress." "It's a Record Cut in Expenses, $1.6 Trillion, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT." In yet another series of tweets, Musk then announced that SpaceX's Dragon spacecraft will decommission immediately. The Dragon spacecraft is responsible for transporting astronauts to the International Space Station. He claimed that the decommissioning is in light of Trump's warning of cancelling government contracts. Musk then criticised Trump's reciprocal tariffs, claiming that they would lead to a recession in the US in the second half of the year. Tesla chief Musk then shared a video of Trump partying with Epstein from the 1990s, providing a piece of evidence for his earlier claim about the Epstein files.
