In a dramatic escalation of hostilities, U.S. President Donald Trump accused tech mogul Elon Musk of “losing his mind,” signaling a sharp deterioration in a relationship that once represented a powerful alliance between political and technological influence.
The feud exploded into public view after Musk launched a blistering social media attack against Trump, suggesting the President’s name appeared in the so-called “Epstein files”—documents related to convicted sex offender Jeffrey Epstein. Trump swiftly denied the allegations, posting a statement on his social media platform Truth Social attributed to Epstein’s criminal defense attorney, David Schoen.
“I can say authoritatively, unequivocally and definitively that [Epstein] had no information to hurt President Trump,” Schoen said. “I specifically asked him!”
Previously seen as close allies—particularly during the latter stages of Trump’s 2024 campaign and his return to the White House—the relationship between the President and the billionaire entrepreneur now appears fractured beyond repair. Musk, once described as Trump’s “first buddy,” is now firmly in the President’s crosshairs.
Speaking to ABC News, Trump dismissed any notion of reconciliation. When asked about reports of a scheduled phone call with Musk, he responded, “You mean the man who has lost his mind?” and added that he was “not particularly” interested in talking to him.
In separate interviews, Trump reinforced his position. “I’m not even thinking about Elon. He’s got a problem. The poor guy’s got a problem,” he told CNN. In comments to Politico, he added sardonically that their relationship was “going very well, never done better.”
Behind the scenes, Trump has reportedly blamed Musk’s erratic behavior on drug use, according to The New York Times.
The rift, while personal, could have broader political and economic implications. Musk, who has funneled nearly $300 million into Republican campaigns, suggested forming a new political party that “actually represents the 80% in the middle.” Such a move could dramatically shift the American electoral landscape heading into the midterms.
In the tech and space sectors, the impact is already being felt. NASA’s increasing reliance on Musk’s SpaceX for transporting astronauts to the International Space Station was briefly called into question after Musk hinted at decommissioning the Dragon spacecraft in response to the feud—though he quickly reversed course. Similarly, Musk’s Starlink satellite network remains a vital asset in Ukraine’s defense against Russian aggression.
Trump, for his part, has threatened to terminate Musk’s government contracts, while longtime ally Steve Bannon took it further, suggesting Musk “should be deported from the country immediately.”
The economic consequences have also been swift. On Thursday, Musk’s net worth dropped by $33 billion as Tesla shares plunged by 14.2%, wiping approximately $152 billion off the company’s valuation. Shares partially rebounded on Friday, climbing 6%.
The dispute originated when Musk criticized Trump’s signature “big, beautiful bill”—a sweeping tax and spending package that analysts warn could add $2.4 trillion to the national debt and leave more than 10 million Americans uninsured. Trump, in turn, expressed “disappointment” in Musk, while the Tesla CEO warned that Trump’s trade policies could trigger a recession.
Though many observers long suspected the alliance between two powerful and unpredictable figures might be unsustainable, the scale and intensity of their falling out has stunned political and business circles alike.
Billionaire hedge fund manager Bill Ackman attempted to mediate, calling for reconciliation “for the benefit of our great country.” However, White House Chief of Staff Susie Wiles confirmed to NBC News on Friday that “there are no plans” for a call between the two men.
As Musk remained uncharacteristically quiet on X (formerly Twitter), Trump resumed his usual media presence, downplaying new job market figures that show a slowdown in May. The White House also announced that Trump intends to sell his Tesla Model S—a symbolic break with the billionaire whose empire once aligned closely with the President’s political ambitions.
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