Musk-Trump spat wipes out $150B from Tesla's market cap

The conflict began when Musk openly criticized Trump’s proposed $2.4 trillion budget bill, labeling it a “disgusting abomination.”

Trump retaliated by threatening to revoke federal contracts and subsidies for Musk’s companies, including Tesla and SpaceX.

This triggered a crash in Tesla’s stock price and a significant drop in Musk’s net worth by around $27 billion to $388 billion.

The spat later intensified, with Musk calling for Trump’s impeachment and accusing him of suppressing files related to Jeffrey Epstein.