Latest news with #TrumpMuskFeud
Yahoo
2 hours ago
- Business
- Yahoo
The Weekend: Tesla's problems mount as Trump-Musk 'bromance' hits the rocks
It was a moment many had predicted from the outset, a question of when rather than if. The wheel finally came off the Trump-Musk "bromance" in spectacular fashion on Thursday, wiping more than $150 billion off the value of Tesla and dragging down the broader market. The world's richest man kicked things off by describing Trump's signature "big, beautiful bill" aimed at extending tax cuts a "disgusting abomination." Trump responded by calling his electoral backer "CRAZY!", threatening to slash government contracts and subsidies key to Musk's business interests and telling reporters he was "disappointed" in him. Things only got more heated from there. The very public spat only adds to Tesla's woes. The electric vehicle maker's market capitalisation has fallen almost 30%, or $380 billion so far this year, the biggest drop of any large company globally. Elon Musk is at war with whole swaths of Trump's agenda Elon Musk cemented his break-up with Donald Trump this week with a move against the president's signature legislative priority: the One Big Beautiful Bill Act. But the scope of his attack broadened on Thursday with Musk making a case not just against that bill but with ever-widening critiques that now span significant chunks of Trump's political agenda. Musk's posts have seen him floating everything from the concept of impeachment to calling the president a liar to the false accusation that Trump 'is in the Epstein files' and covering it up. Trump, unsurprisingly, was quick to retaliate, calling his former friend "CRAZY!" and threatened to terminate Musk's governmental subsidies and contracts. ECB cuts interest rates for eighth time in a year In what ECB president Christine Lagarde described as an "almost unanimous decision" the central bank chopped rates by a quarter of a percentage point for the eighth time in a year. The move, which was widely expected, follows a drop in eurozone inflation to 1.9% last month, just below the 2% target for the first time since last September. Investors are now pricing in a pause in rate cuts in July, and some conservative policymakers have also advocated for a break to give the bank a chance to reassess uncertainty and the future outlook. UK house prices rise as higher wages, low unemployment boost market Property prices gained some momentum in May, with annual growth increasing to 3.5%, according to figures from Nationwide. The uptick comes amid signs that activity in the housing market is holding up well, despite the end of a stamp duty break. Low unemployment, rising real wages, strong household balance sheets, and the potential for lower borrowing costs were among the factors buoying the market. BoE governor expects interest rates and pay to decrease this year When quizzed along with other members of the Monetary Policy Committee in a Treasury Committee meeting, Andrew Bailey said his main consideration for the most recent rate cut was the question of domestic inflation. He also cited the loosening of the UK's labour market as a key indicator in the decision to cut rates by 25 basis points. On the question of future cuts, external MPC member Catherine Mann said the bank could not yet say how fast or how far it would look to cut. Another member, Swati Dhingra, said there was a "general view that we don't need to weigh down on living standards as much as we have been." To personal finance now. As the government's spending review looms large, speculation about what will change is ramping up. Heavily debated taxes, such as rules around gifting and inheritance tax, could be in the crosshairs. Yahoo Finance's Lucy Harley-McKeown examined the possibilities: How next week's spending review could impact your finances There was bad news for home-seekers this week. No major lender cut its rates, with the majority hiking mortgages for first-time buyers as the market moves away from a mini price war that had pushed deals deep into sub-4% territory. Vicky McKeever brought us the best mortgage deals on the market right now: Mortgage lenders raise rates amid uncertainty over BoE interest rate cuts Find more personal finance gems here: Money Matters On the company results calendar, TSMC ( TSM) will release its latest sales figures after the CEO saying that demand remained strong for artificial intelligence chips. Tesco (TSCO.L) is set to provide a bellwether update for the UK grocery market. Its first-quarter report comes with supermarket price wars on the horizon, as shops fight to retain customers. In the housebuilding sector, investors will want to see how Bellway (BWY.L) is performing against key targets set out by the company's CEO earlier this year. Zara owner Inditex ( reports results on Wednesday, with investors' eyes on its margins following a disappointing report in in to access your portfolio
Yahoo
2 hours ago
- Business
- Yahoo
Capitol Hill reacts to Trump/Musk feud
The explosive conflict between President Trump and Elon Musk is reverberating on Capitol Hill, where the fate of the President's "Big Beautiful Bill" remains in flux. Jim Lokay discusses the feud with NOTUS reporter Riley Rogerson, plus how Musk's fortune could factor into next year's midterm elections.
Fox News
2 hours ago
- Automotive
- Fox News
From Washington: Fallout From The President's Feud With Musk
The very public dispute between President Donald Trump and Elon Musk dominated the headlines late this week. It began when Musk took to social media to criticize the 'big, beautiful bill,' and later backed a call for President Trump's impeachment. President Trump fired back with multiple insults, including calling the Tesla CEO 'crazy.' Former White House Press Secretary and FOX News contributor Ari Fleischer discusses the fallout from the feud and examines the damaging impact it could have on Republicans and the President's 'big, beautiful bill Then, House Judiciary Committee Chairman Jim Jordan (R-OH) explains why he believes Biden administration's lax immigration policies gave way to a climate of violence in the United States. Learn more about your ad choices. Visit
BreakingNews.ie
3 hours ago
- Automotive
- BreakingNews.ie
Donald Trump and Elon Musk urged by Republicans to end feud
Republicans fearful about potential consequences of a prolonged feud between US President Donald Trump and Elon Musk are urging the pair to call a truce. At a minimum, the explosion of animosity between the two powerful men could complicate the path forward for Republicans' massive tax and border spending legislation that has been promoted by Mr Trump but criticised by Mr Musk. Advertisement 'I hope it doesn't distract us from getting the job done that we need to,' said representative Dan Newhouse, a Republican from Washington state. 'I think that it will boil over and they'll mend fences.' As of Friday afternoon, Mr Musk was holding his fire, posting about his various companies on social media rather than attacking the president. Mr Trump departed the White House for his golf club in Bedminster, New Jersey, without stopping to talk to reporters who shouted questions about his battle with Mr Musk. The feud could hinder the progress of a key piece of legislation for the Trump administration (AP Photo/Evan Vucci, File) 'I hope that both of them come back together because when the two of them are working together, we'll get a lot more done for America than when they're at cross purposes,' senator Ted Cruz, a Texas Republican, told Fox News host Sean Hannity. Senator Mike Lee, a Republican from Utah, sounded almost pained on social media as Mr Trump and Mr Musk volleyed insults at each other, sharing a photo composite of the two men and writing, 'But … I really like both of them.' Advertisement 'Who else really wants @elonmusk and @realDonaldTrump to reconcile?' Mr Lee posted, later adding: 'Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact.' So far, the feud between Mr Trump and Mr Musk is probably best described as a moving target, with plenty of opportunities for escalation or detente. Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact @elonmusk @realDonaldTrump — Mike Lee (@BasedMikeLee) June 6, 2025 One person familiar with the president's thinking said Mr Musk wants to speak with Mr Trump, but that the president does not want to do it – or at least do it on Friday. In a series of conversations with television news presenters on Friday morning, Mr Trump showed no interest in burying the hatchet. Asked on ABC News about reports of a potential call between him and Mr Musk, the president responded: 'You mean the man who has lost his mind?' Advertisement Mr Trump added in the ABC interview that he was 'not particularly' interested in talking to Mr Musk at the moment. Still, others remained hopeful that it all would blow over. 'I grew up playing hockey and there wasn't a single day that we played hockey or basketball or football or baseball, whatever we were playing, where we didn't fight. And then we'd fight, then we'd become friends again,' Mr Hannity said on his show on Thursday night. Acknowledging that it 'got personal very quick,' Mr Hannity nonetheless added that the rift was 'just a major policy difference'. Advertisement House of Representatives speaker Mike Johnson projected confidence that the dispute would not affect prospects for the tax and border bill. House speaker Mike Johnson is confident the tax and border bill will pass (AP Photo/J. Scott Applewhite) 'Members are not shaken at all,' the Republican said. 'We're going to pass this legislation on our deadline.' He added that he hopes Mr Musk and Mr Trump reconcile, saying 'I believe in redemption' and 'it's good for the party and the country if all that's worked out.' But he also had something of a warning for the billionaire entrepreneur. Advertisement 'I'll tell you what, do not doubt and do not second-guess and don't ever challenge the president of the United States, Donald Trump,' Mr Johnson said. 'He is the leader of the party. He's the most consequential political figure of this generation and probably the modern era.'
Yahoo
3 hours ago
- Business
- Yahoo
Donald Trump and Elon Musk urged by Republicans to end feud
Republicans fearful about potential consequences of a prolonged feud between US President Donald Trump and Elon Musk are urging the pair to call a truce. At a minimum, the explosion of animosity between the two powerful men could complicate the path forward for Republicans' massive tax and border spending legislation that has been promoted by Mr Trump but criticised by Mr Musk. 'I hope it doesn't distract us from getting the job done that we need to,' said representative Dan Newhouse, a Republican from Washington state. 'I think that it will boil over and they'll mend fences.' As of Friday afternoon, Mr Musk was holding his fire, posting about his various companies on social media rather than attacking the president. Mr Trump departed the White House for his golf club in Bedminster, New Jersey, without stopping to talk to reporters who shouted questions about his battle with Mr Musk. 'I hope that both of them come back together because when the two of them are working together, we'll get a lot more done for America than when they're at cross purposes,' senator Ted Cruz, a Texas Republican, told Fox News host Sean Hannity. Senator Mike Lee, a Republican from Utah, sounded almost pained on social media as Mr Trump and Mr Musk volleyed insults at each other, sharing a photo composite of the two men and writing, 'But … I really like both of them.' 'Who else really wants @elonmusk and @realDonaldTrump to reconcile?' Mr Lee posted, later adding: 'Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact.' So far, the feud between Mr Trump and Mr Musk is probably best described as a moving target, with plenty of opportunities for escalation or detente. Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact@elonmusk @realDonaldTrump — Mike Lee (@BasedMikeLee) June 6, 2025 One person familiar with the president's thinking said Mr Musk wants to speak with Mr Trump, but that the president does not want to do it – or at least do it on Friday. In a series of conversations with television news presenters on Friday morning, Mr Trump showed no interest in burying the hatchet. Asked on ABC News about reports of a potential call between him and Mr Musk, the president responded: 'You mean the man who has lost his mind?' Mr Trump added in the ABC interview that he was 'not particularly' interested in talking to Mr Musk at the moment. Still, others remained hopeful that it all would blow over. 'I grew up playing hockey and there wasn't a single day that we played hockey or basketball or football or baseball, whatever we were playing, where we didn't fight. And then we'd fight, then we'd become friends again,' Mr Hannity said on his show on Thursday night. Acknowledging that it 'got personal very quick,' Mr Hannity nonetheless added that the rift was 'just a major policy difference'. House of Representatives speaker Mike Johnson projected confidence that the dispute would not affect prospects for the tax and border bill. 'Members are not shaken at all,' the Republican said. 'We're going to pass this legislation on our deadline.' He added that he hopes Mr Musk and Mr Trump reconcile, saying 'I believe in redemption' and 'it's good for the party and the country if all that's worked out.' But he also had something of a warning for the billionaire entrepreneur. 'I'll tell you what, do not doubt and do not second-guess and don't ever challenge the president of the United States, Donald Trump,' Mr Johnson said. 'He is the leader of the party. He's the most consequential political figure of this generation and probably the modern era.'
