A fierce public feud has broken out between President Donald J. Trump and billionaire entrepreneur Elon Musk, following Musk’s harsh criticism of a sweeping $2.4 trillion tax cut and spending package recently signed into law. The legislation, which Trump has called the “Big Beautiful Bill,” includes massive tax breaks and expanded government spending aimed at bolstering economic growth during his second term in office.

The fallout began when Musk took to his social media platform X on June 3 to denounce the bill as a “disgusting abomination,” claiming he had not been consulted and warning of its long-term economic consequences. He accused the administration of crafting the measure behind closed doors and ignoring the perspectives of key stakeholders in the business and tech communities. Musk’s post, which went viral within hours, marked a dramatic rupture between the two figures who had previously enjoyed a complicated but functional relationship.

President Trump responded swiftly and sharply, labeling Musk’s remarks as ungrateful and suggesting that the federal government would reexamine contracts and subsidies awarded to Musk’s companies, including SpaceX and Tesla. He stated that Musk’s comments were “disrespectful” and signaled a potential review of the billions in taxpayer dollars funneled into Musk-led ventures. “If Elon wants to attack this administration’s signature achievement, he shouldn’t expect the American people to keep funding his rockets and cars,” Trump said during a televised interview.

Musk escalated the confrontation further, initially threatening to decommission SpaceX’s Dragon spacecraft — a key component in NASA’s ongoing space missions — though he later backed off the threat. He then took an even more political stance, calling for Trump’s impeachment and making renewed, though unsubstantiated, references to Trump’s alleged connections to the late financier Jeffrey Epstein. Musk’s rhetoric sparked widespread debate and drew both support and criticism from across the political spectrum.

The conflict sent shockwaves through financial markets. Tesla shares plummeted more than 14 percent in a single day, wiping out over $150 billion in market value and causing Musk’s personal net worth to drop by an estimated $20 billion. Investors reacted nervously to the possibility of federal retaliation against Musk’s companies and the broader implications of the feud on business confidence.

Trump allies have seized the moment to go on the offensive. Prominent figures such as Steve Bannon have suggested investigating Musk’s citizenship status and scrutinizing his companies’ federal funding. Meanwhile, congressional Republicans have expressed mixed reactions, with some backing the president’s hardline stance while others worry that the fallout could damage relations with a powerful and influential figure in the tech industry.

Once viewed as an occasional ally of Trump’s, Musk now finds himself at odds with the administration he previously advised during Trump’s first term. Their deteriorating relationship reflects a broader clash between the federal government’s expanding role in the economy and the tech world’s appetite for independence. Political analysts note that the dispute underscores deeper tensions about who holds sway over economic policy in the United States.

As of Thursday, neither side appeared ready to deescalate. Trump told ABC News that Musk “has lost his mind” and that he was “not particularly interested” in continuing any dialogue. Musk has remained defiant, offering no apology and hinting at further political involvement in the months ahead. With the 2028 presidential race beginning to take shape and Musk’s influence spanning both economic and digital spheres, this battle could be just the beginning of a longer power struggle between two of the most prominent figures in American public life.