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A public row between U.S. President Donald Trump and billionaire entrepreneur Elon Musk intensified on Thursday, as the Republican president voiced his "disappointment" over Musk’s criticism of his signature tax bill, which he had described as the “big, beautiful bill.”
Speaking from the Oval Office during a meeting with visiting German Chancellor Friedrich Merz, Trump voiced regret over the strained relationship. “Look, Elon and I had a great relationship. I don't know if we will anymore,” he said. Trump claimed Musk had been deeply familiar with the tax bill, adding, “All of a sudden, he had a problem.”
Trump also acknowledged Musk’s dissatisfaction over the withdrawal of a nominee for NASA leadership whom Musk had supported. “I can understand why he’s upset,” he added.
The conflict escalated after Musk denounced the proposed tax and spending package, calling it a “disgusting abomination” due to its projected impact on the federal deficit. The legislation aims to extend tax cuts introduced during Trump’s first term and could significantly influence Republican prospects in the 2026 midterm elections.
Earlier this week, Musk posted on his X platform, “Sorry, but I can’t take this anymore,” calling the legislation a “disgusting abomination.”.
Responding live on his X platform, Musk claimed the bill had never been shown to him during his time in government, asserting it was passed so quickly that “almost nobody had time to read it.”
Following his remarks, shares of his electric vehicle company Tesla dropped by more than 15% during Thursday's session, erasing $100 billion from its market capitalization.
In a sharp rebuttal, Musk accused Trump of ingratitude and claimed his support had been pivotal to the Republican victory. “Without me, Trump would have lost the election,” he posted, suggesting Democrats would have taken control of the House and Republicans would have secured only a slim Senate majority of 51-49 without his backing..
Musk, reportedly the largest donor to Trump’s campaign with nearly $300 million in contributions, also criticized the bill’s fiscal impact. Referencing earlier Trump posts on debt reduction, he asked, “This guy today?” and warned that the legislation could add $2.5 trillion to the U.S. deficit.
Musk formally stepped down as head of the White House’s Department of Government Efficiency (DOGE) on May 30, following a sweeping four-month tenure marked by deep budget cuts and agency closures.
Musk further posted on his X account, accusing Trump of being named in the so-called “Epstein Files”—documents believed by some to contain the names of individuals potentially linked to Jeffrey Epstein’s alleged sex trafficking network.
“Mark this post for the future,” Musk wrote. “The truth will come out.”.
The so-called "Epstein files" refer to a series of court documents, flight logs, and investigative records connected to Jeffrey Epstein, the late financier who was accused of running a sex trafficking network involving underage girls and high-profile figures from politics, business, and entertainment.
Musk also announced that SpaceX will begin decommissioning its Dragon spacecraft, effectively bringing its collaboration with NASA to a close following Trump's remarks regarding his governmental contracts.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” Trump wrote in a TruthSocial post shortly before Musk’s announcement.
Citing the threat as a direct cause, Musk’s decision to retire Dragon signals a significant shift for SpaceX, which has played a central role in NASA’s missions to the International Space Station..
Trump later continued with defending his proposed tax and spending legislation, criticizing Musk for his recent opposition, saying the billionaire should have spoken out earlier.
“I don’t mind Elon turning against me, but he should have done so months ago,” Trump wrote. “This is one of the Greatest Bills ever presented to Congress. It’s a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given.”
Trump warned that failure to pass the bill would result in a “68% Tax Increase” and “things far worse than that,” asserting that he is working to fix the nation’s fiscal problems rather than having created them. “This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!” he added.
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