According to webangah News Agency, the public feud between Donald Trump and Elon Musk, the world’s most powerful and wealthiest individual, reached its peak on Thursday. Trump threatened to cancel all government contracts with companies owned by the billionaire.
The US President and Tesla CEO exchanged increasingly hostile remarks as their conflict intensified within hours, causing Tesla’s stock value to plummet by 14.3% – wiping out approximately $150 billion in market capitalization.
Trump launched his attack from the Oval Office, targeting Musk who had been one of his closest advisors until recently.The tech mogul has strongly criticized Trump’s proposed tax cut bill and increased government spending plan, arguing it would add $36.2 trillion to US debt.
The former president later wrote on Truth Social: “The easiest way to save billions is cutting Elon’s subsidies and government contracts.” Earlier this year, Trump had appointed Musk to lead a “government Efficiency Department” tasked with reducing federal bureaucracy.
“I’m very disappointed in Elon,” Trump told reporters. ”We had a good relationship. I don’t know if it will continue.”
Musk quickly responded on X: “Without me, Trump would have lost the election. This is pure ingratitude.” The billionaire’s companies – including SpaceX (a key government contractor) and Starlink - received substantial support after Musk contributed $300 million toward Trump’s 2024 campaign and other Republican congressional candidates.
However,analysts note that terminating SpaceX contracts would prove arduous given its critical role in national space programs. The company’s Falcon 9 remains the world’s most frequently launched rocket while starlink has revolutionized satellite communications.
The escalating conflict could damage Republican chances in upcoming elections. As Reuters reports: “Musk not only provided crucial funding but connected Trump to Silicon Valley donors through his vast online platform.”
The billionaire polled his 220 million X followers: “Is it time for a new political party representing America’s moderate 80%?” This followed musk calling Trump’s spending bill “embarrassing,” with independent analysts estimating it could add $5 trillion to national debt.
Trump claimed Musk opposed the bill due to eliminated electric vehicle tax credits – while suggesting personal resentment over leaving government service last week when both exchanged praise during farewell ceremonies.
“Kill this terrible bill,” Musk posted on X, adding he’d accept EV credit reductions if wasteful spending were cut elsewhere. His efficiency initiatives ultimately trimmed just 0.5% of federal spending despite initial $2 trillion reduction promises – resulting in thousands of job cuts and reduced foreign aid that sparked protests and legal challenges.
A White House official stated afterward: “The President makes clear our policies owe nothing to Elon Musk… He chose sides with these attacks.”
The conflict took a darker turn when Musk alleged (without evidence) that Trump appeared in sealed Jeffrey Epstein court documents regarding child sex trafficking cases involving politicians and wealthy individuals - claims vehemently denied by Trump allies regarding one of America’s most controversial criminal cases where many details remain classified.
