05.06.2025 23:30
The tension between U.S. President Donald Trump and Elon Musk, who left his position at the White House shortly before, due to the tax cut proposal, has also affected Tesla. Shares of Tesla, where Musk is the CEO, have lost more than 10% of their value.
The discussion between U.S. President Donald Trump and Elon Musk, who recently left his position at the White House, is escalating regarding the tax cut bill on Congress's agenda.
TESLA'S STOCKS HAVE LOST OVER 10%
The debate between the two has negatively affected the stocks of Tesla, the electric car manufacturer of which Musk is the CEO. The company's shares have lost over 10% of their value. As of 21:25 Turkish time, Tesla's stock price has dropped to $298.38.
MUSK HAD DESCRIBED TRUMP'S TAX CUT BILL AS "AN ABSURD DISGRACE"
Elon Musk had harshly criticized Trump's tax cut bill, which he referred to as "A Big Beautiful Bill," in a post on his social media account the day before. Musk, who stated, "I'm sorry, but I can't take this anymore," described Trump's tax cut proposal as "an absurd disgrace."
TRUMP HAD SAID, "I WAS GREATLY DISAPPOINTED BY ELON"
U.S. President Trump had responded for the first time to Musk's criticisms, which dominated the American public agenda while hosting German Chancellor Friedrich Merz at the White House. Trump expressed that he was not pleased with Musk's reaction to the tax bill, stating, "We had a very good relationship with Elon, but I don't know if that relationship is good anymore. I was greatly disappointed by Elon, even though I helped him a lot. He hasn't said bad things about me yet, but I'm sure he will soon."
MUSK RESPONDED, "IF IT WEREN'T FOR ME, HE WOULD HAVE LOST THE ELECTION"
Responding immediately to Trump's statements at the White House, Musk said, "The bill in question was never shown to me even once, and it was passed so quickly at midnight that almost no one in Congress could even read it." Musk also reacted to Trump's statement that he could win the presidential election without Musk's support, saying, "If it weren't for me, Trump would have lost the election. The Democrats would control the House of Representatives, and the Republicans would have a 51-49 majority in the Senate."
TRUMP THREATENED TO TERMINATE GOVERNMENT CONTRACTS
Trump's response to Musk's statements was swift, stating, "The easiest way to save billions of dollars in our budget is to terminate Elon’s government subsidies and contracts."
MUSK: TRUMP'S NAME IS IN THE EPSTEIN FILES
Following Trump's threat, the crisis between the two escalated, and Musk indicated that it was time to drop the "big bomb," stating, "Trump is in the Epstein files. That’s the real reason for his public statements."