A public clash between tech mogul Elon Musk and U.S. President Donald Trump has rocked both Wall Street and Washington, triggering a staggering loss of over $150 billion in market value for Tesla and stirring up a political storm.
The feud began earlier this week when Musk took to X (formerly Twitter) to criticize Trump’s latest economic stimulus package, calling it “reckless, inflationary, and a step toward national bankruptcy.”
“Eliminating corporate innovation tax credits while increasing military and oil subsidies is insanity,” Musk posted. “America should be investing in AI, education, and clean energy not 1950s fossil fuel policy.”
President Trump wasted no time responding. In a fiery TruthSocial post, he wrote:
“Elon Musk made his billions under American capitalism and now he wants to destroy it. If he’s so unhappy, he should try moving Tesla to China where his loyalties clearly lie.”
Also Read: From Mars to Mayhem: Musk Launches Rockets, Trump Launches Rants
The exchange sent shockwaves through the financial world. Tesla shares dropped by more than 9% in a single day, wiping out roughly $152 billion in market capitalization one of the largest single day losses in tech stock history.
Political analysts say the clash marks a significant shift in the business community’s relationship with Trump, who once praised Musk as a “visionary genius.” Their alliance, once strong during Trump’s first term, appears to have fractured beyond repair.
“Elon Musk used to be Trump’s poster child for innovation and private sector success. Now he’s public enemy number one in MAGA world,” said analyst Rachel Thompkins from American Enterprise Policy Group.
The fallout has extended beyond the two men, with Tesla investors expressing deep concern over the volatility. “Regardless of who’s right politically, this war of words is costing us billions,” said Thomas Levine, a New York-based fund manager.
Meanwhile, pro-Trump groups have launched a boycott campaign against Tesla, and MAGA aligned influencers have called for congressional scrutiny into Musk’s business dealings and ties to foreign governments.
Yet despite the political firestorm, Musk remained defiant on Friday night. In a series of late posts, he reaffirmed his stance:
“If defending the future costs me billions today, so be it. I won’t back down.”
As the 2025 election approaches, the growing rift between Big Tech and the Republican establishment is expected to play an outsized role. Whether this public feud is just political theater or a defining moment in America’s economic future remains to be seen.
Follow us on X @Dobblog1
No comments:
Post a Comment
Join the conversation by leaving a comment below. Keep it respectful, relevant, and on-topic - we love hearing from our readers!