PNN – The US president Donald Trump and the world’s richest man launched widespread verbal attacks against each other.
According to the report of Pakistan News Network, citing Reuters, The public feud between Donald Trump and Elon Musk, the world’s most powerful man and richest person, reached a climax on Thursday, with Trump threatening to cut government contracts with companies owned by the billionaire.
The US president and the world’s richest man launched widespread verbal attacks against each other.
The conflict, which escalated dramatically in a matter of hours, sent shares of Tesla, the electric carmaker led by Musk, plummeting, with the company’s value down 14.3 percent at the end of the day, wiping about $150 billion off its market value, Reuters reported.
Trump attacked Musk in remarks in the Oval Office of the White House. The billionaire, who until two days ago was considered a close adviser to Trump, sharply criticized the tax cut and government spending bill, which is Trump’s top priority, and said that the plan would increase the US debt by $36.2 trillion.
Read more:
Trump then wrote on the social network “Truth Social”: The easiest way to save billions of dollars in the budget is to cut off Elon’s subsidies and government contracts.
Earlier this year, Trump appointed Musk as head of the Department of Government Efficiency to reduce government spending by streamlining the federal bureaucracy.
The US president has been silent this week as Musk has attacked his bill, a criticism that has also been echoed by some Republicans in the Senate. Musk quickly responded to Trump’s criticism on the X Network, writing: Without me, Trump would have lost the election. That’s how anonymous he is.
In addition to Tesla, Musk’s companies include SpaceX (a government supplier) and Starlink. Elon Musk spent about $300 million in the 2024 election supporting Trump and other Republican candidates for Congress.
However, Trump’s threat against SpaceX is difficult to implement, as the company plays a vital role in the government’s space programs. SpaceX’s Falcon 9 is the world’s most widely used rocket, and Starlink has revolutionized the satellite communications market.
Reuters continues: Musk, the biggest Republican donor in the 2024 election, has served as an adviser to Trump on cutting government spending. He has appeared frequently at the White House and Congress, sometimes even with his young son.
But the long-running feud between the two could hurt Republicans’ chances of retaining Congress in the next election. Musk is not only a financial backer, but with his vast online base, he has connected Trump to a section of Silicon Valley and wealthy donors.
After Trump’s remarks, Musk asked his 220 million followers on Twitter: Is it time to create a new party in America that truly represents the 80 percent of the moderates?
The Reuters report continued: Since Tuesday, Musk has launched a scathing attack on Trump’s bill, calling it a disgrace that will increase the budget deficit. Independent analysts say the bill could add up to $5 trillion to the US national debt.
Trump claimed that Musk’s protests were over the elimination of the electric vehicle tax credit. He also said that Musk was upset about leaving the administration, even though the two complimented each other at Musk’s farewell ceremony last week.