On Thursday, U.S. President Donald Trump threatened to terminate government contracts with billionaire Elon Musk, whose suggestion to impeach Trump sparked a clash between the two, igniting discussions across social media platforms.
The conflict began when Trump criticized Musk, the CEO of Tesla, during an Oval Office meeting. Within hours, their previously strong rapport soured, leading to a fierce exchange of barbs between the two wealthiest individuals in the world on Trump’s Truth Social and Musk’s platform, X.
Trump stated on Truth Social, “The easiest way to save budget funds, billions and billions of dollars, is to cancel government contracts and support for Elon.”
Following this, traders on Wall Street reacted by selling shares of Musk’s electric vehicle company, Tesla, which saw a dramatic decline of 14.3%, wiping out almost $150 billion in market value. This marked Tesla’s most significant drop in a single day.
Shortly after the market closed, Musk responded affirmatively to a post on X suggesting Trump’s impeachment. However, it’s unlikely that Republicans will pursue this action, as they control majorities in both the House and Senate.
The tensions between the two escalated days earlier when Musk criticized a tax and spending bill proposed by Trump. Initially, Trump remained silent, while Musk launched a campaign against the bill, claiming it would increase the nation’s debt.
On Thursday, Trump broke his silence, telling reporters at the White House, “I feel disappointed.” He added, “Elon and I have a great relationship. I don’t know if we will continue to have that.”
Musk announced that his company SpaceX would begin to halt the operation of Dragon, the only spacecraft in the U.S. capable of sending astronauts to the International Space Station, citing Trump’s threats as the reason. However, just hours later, the billionaire clarified that his company would not cease operations of the spacecraft.
Musk’s ventures in space play a crucial role in the U.S. government’s space program.
In a potential signal of de-escalation, Musk replied “You’re not wrong” to hedge fund manager Bill Ackman, who suggested that Trump and Musk should reconcile.