Kevin Dietsch/Getty Images News
From hurling insults at each other on social media to dropping the Jeffrey Epstein “bomb,” the escalating war of words between U.S. President Donald Trump and billionaire Elon Musk is a stunning example of a celebrated bromance that seemingly turned into a brutal clash overnight.
The dramatic brawl started when Musk, who once joined Trump on his presidential campaign and spent at least $250 million to help elect him and other Republican candidates, blasted the president’s “big beautiful bill” of tax breaks and spending cuts as a “disgusting abomination.”
As a result of this shocking number of insults traded back and forth, even investors started selling Tesla (NASDAQ:TSLA) shares, concerned about new headwinds for the electric vehicle maker. Musk’s Tesla fell over 14% on Thursday, marking one of its worst declines in history.
Here is a rundown of the Trump-Musk era:
July 2024
Musk endorses Trump as the next president after the latter survived an assassination attempt in Butler, Pa.
“I fully endorse President Trump and hope for his rapid recovery,” wrote Musk.
Musk said he donated to Trump’s campaign and that, “Last time America had a candidate this tough was Theodore Roosevelt.”
August 2024
Musk scheduled a friendly interview with Trump on X. However, the interview was marred by technical glitches, delaying its start. Both of them exchanged praise repeatedly, signalling a cozier relationship.
Musk even said that he is “willing to serve” in government, as per an X post, showing his own image as a representative of DOGE, an acronym for the Department of Government Efficiency.
October 2024
Musk appeared at a Pennsylvania rally to endorse Trump, the same place where Trump survived the assassination attempt. Wearing a cap with the “Make America Great Again”, the tech billionaire said “this will be the last election” if Trump doesn’t win.
Musk also promised to give $1M daily until Election Day to voters registered in swing states who sign an online petition supporting the First and Second Amendments, leading to a DOJ warning.
November 2024
Trump gets elected to a second term.
“The people of America gave Trump a crystal clear mandate for change. The future is gonna be fantastic,” Musk posted on X. Musk’s net worth has crossed $300 billion for the first time in nearly three years, while Tesla (NASDAQ:TSLA) crossed over the $1T market cap level in November.
Trump praised Musk and said, “We have a new star, a star is born: Elon.”
On November 12, Trump named Musk and Vivek Ramaswamy to head up a new Department of Government Efficiency.
February–March 2025
Musk and Trump appeared together in the Oval Office, along with Musk’s son, and jointly answered questions from the press.
The Trump administration and DOGE spearheaded the effort to eliminate USAID, slashed staff and took aim at the consumer protection agency, with Trump calling Musk “tremendously successful”.
Trump also defended Musk’s company when it faced major backlash, saying he would buy a “brand new Tesla.”
April 2025
Reports started floating that Musk will step back from lead government role.
Musk reportedly also made personal appeals to Trump to reverse the sweeping tariffs.
May 2025
Musk steps down from DOGE after he criticized Trump’s “big, beautiful” budget bill. In an interview with CBS, Musk said the “big, beautiful bill” will not help the nation’s finances.
“I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing,” Musk said in a clip.
Trump gave a farewell to Musk in the Oval Office on May 30.
June 5
Musk lashes out at Trump’s bill.
“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it,” Musk posted on X.
The tension quickly escalated during Trump’s meeting with German Chancellor Friedrich Merz, where Trump expressed his disappointment in Musk, saying, “Elon and I had a great relationship, I don’t know if we will anymore.”
After a shocking number of back-and-forth insults on both X and Trump’s Social Truth platform, Musk posted on X saying, “Time to drop the really big bomb: Trump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!”
Trump told ABC News on Friday morning that he wasn’t interested in speaking with Musk, adding that Musk had “lost his mind” and threatened to pull Musk’s contracts and subsidies.
Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.