Note: The content of this article is organized based on the disputes between Musk and Trump, not in strict chronological order.
Musk originally wanted to be the "Yang Jinshui" of America, but found himself to be "Gao Hanwen."
Last night, Trump and Musk collided head-on on social media, and the former ally broke with each other. Musk even turned up Trump's old tweet from 12 years ago as a "weapon", and the two sides used sharp and straight to the point.
And by the time the sun rose, the market was bleeding: Tesla's market value had evaporated by $153 billion, the largest one-day drop in history. Bitcoin fell 4% and Dogecoin tumbled 10%. The highly leveraged James Wynn continues to be liquidated, and the current liquidation loss is about $29 million.
Musk enters North Korea, Musk leaves
The honeymoon between the two began in the 2024 election, when Musk spent $290 million on the platform for Trump, and even personally visited swing states to canvass for votes and build momentum for him. After Trump's victory, he was appointed head of the Department of Government Efficiency (DOGE), which mandated it to reform federal institutions and cut fiscal spending. At that moment, Musk seemed to have really become the "Yang Jinshui" of the United States.
But the icing of power melts quickly. In April 2025, Musk and White House Chief of Staff Bessant had a violent disagreement on tariff policy, and a fierce quarrel broke out in front of the White House. And in the end, Trump took Bessant's appointment proposal, which may be the first alarm that Musk and Trump's allies are heading for a rift.
A month later, Musk said he was leaving the Trump administration and would not continue to serve as a special government employee, while the DOGE team would continue to work across the administration. The beginning of the quarrel seems to have laid the groundwork here.
A bill ignites conflict
In May 2025, the Republican-dominated House of Representatives passed a tax and spending bill that Trump called "big and beautiful." The bill is expected to send the U.S. budget deficit soaring to $2.5 trillion, while early ending up up to $7,500 in tax credits for several electric vehicles, including Tesla, and ending subsidies that were scheduled to be eliminated in 2032 by seven years. JPMorgan analysts estimate that the move will wipe out about $1.2 billion of Tesla's full-year profits.
On June 4, Musk spoke out against the bill, calling it "disgusting" and began privately lobbying Republican lawmakers in an attempt to prevent the president from signing the bill. He also sent a direct letter to House Speaker Mike Johnson calling for the EV subsidy clause to be retained.
The first round of insults has begun.
Trump expressed his "disappointment" in a public speech, saying that Musk actually "fully understands the content of the bill" and is only dissatisfied with the "removal of the mandatory sale of electric vehicles".
Musk responded by saying: "The Trump administration retained provisions in the draft to cut incentives for electric vehicles and photovoltaics, but did nothing to touch the subsidies for oil and gas. Moreover, this bill has never been shown to me even once; it was rushed through late at night, and almost no one in Congress could understand it."
Musk also dug up an old tweet from Trump in 2013 criticizing the increase of the debt ceiling for sarcasm. Trump stated in 2013, "I can't believe the Republicans are raising the debt ceiling. I'm a Republican, and I feel very ashamed!" Musk quoted this statement and said, "A wise saying."
The second round of verbal conflict: from "campaign gratitude" to "supply cut threat"
The dispute quickly heated up, and Musk publicly accused Trump of being "ungrateful" on platform X, saying that Trump would not have won the election if he hadn't supported it in the first place. He wrote: "Without me, Trump would have lost the election. Democrats will take control of the House of Representatives, and Republicans will fall from 51 to 49 seats in the Senate."
Not to be outdone, Trump said: "I can win Pennsylvania even without Musk." Subsequently, he posted on Truth Social that the most direct way to reduce the fiscal deficit is to end government subsidies and contracts for Musk and his company, "which will save billions of dollars." I've always been surprised that Biden didn't do it!"
Musk immediately responded strongly: "In light of President Trump's statement about canceling our government's contract, SpaceX will immediately begin decommissioning the Dragon spacecraft." It has been learned that the current manned space activities of the United States rely heavily on the "Dragon" spacecraft of the US Space Exploration Technology Corporation.
At this point, the verbal conflict has escalated into a political and technological crisis.
Round three of the verbal battle: Musk "drops bombs", directly pointing at Trump's "Lolita Island" scandal.
The flames of war are directly burning Trump's "sensitive past." Musk publicly revealed: "Trump appears in the Epstein documents. This is the real reason these documents have not been released for so long. Have a great day, DJT!"
This accusation brings the contradiction to a climax. Jeffrey Epstein, who was named in the spotlight for his involvement in underage sex trafficking and sexual assault, was arrested in 2019 and "committed suicide" in prison, leaving behind a wealth of unsolved mysteries. When Trump entered the campaign, he said that he would release a list of bigwigs involved in "Loli Island," which was said to include a number of prominent Democrats or supporters.
Musk didn't stop there, retweeting a tweet calling for "Trump's impeachment and JD Vance's replacement." Also launched a vote on X "Is it time to build a new party in the United States that truly represents the 80% of the middle?" To this, Trump responded that he didn't care: "I don't mind Elon Musk going against me, but he should have done it months ago."
The storm has not subsided.
The turmoil continued to ferment, and heated remarks continued to emerge. Steve Bannon, a former senior adviser to Trump, has publicly called for a thorough investigation of Musk and even "deportation". In an interview with The New York Times, he said: "I firmly believe that he is an illegal immigrant and should be deported immediately. He is suspected of drug abuse and all government contracts related to him should be cancelled."
At the same time, the White House has also acted swiftly. According to Jin Shi, informed sources revealed that senior White House aides held several closed-door meetings today to urgently assess the impact of Musk's tweets.
Financial mogul Bill Ackman also stated: "Elon Musk and Donald Trump, together benefits both, apart harms both." Musk simply responded: "You are not wrong." This interaction is viewed by the market as a signal that the relationship between the two may be temporarily reconciled.
However, the direction of the plot is still full of uncertainties. Crypto KOL Bruce J analyzed: "I predict that there may be 'peacemakers' in the future, the big beautiful bill will still pass, but some spending will be cut, giving all parties a step down, and Trump and Musk will stop the war in the short term, but the personal relationship will be completely broken."
Regardless of whether this storm is ultimately a temporary "reconciliation" or a full-scale showdown of power and capital, this dispute has long gone beyond personal grievances and has touched political nerves and market structure. For example, netizens ridiculed: "These two people have not done what adult men should do - control their emotions and control their mouths."
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
The US stock market has been overturned, Bitcoin has experienced a big dump, and did Musk and Trump "curse" up a financial tsunami?
Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Note: The content of this article is organized based on the disputes between Musk and Trump, not in strict chronological order.
Musk originally wanted to be the "Yang Jinshui" of America, but found himself to be "Gao Hanwen."
Last night, Trump and Musk collided head-on on social media, and the former ally broke with each other. Musk even turned up Trump's old tweet from 12 years ago as a "weapon", and the two sides used sharp and straight to the point.
And by the time the sun rose, the market was bleeding: Tesla's market value had evaporated by $153 billion, the largest one-day drop in history. Bitcoin fell 4% and Dogecoin tumbled 10%. The highly leveraged James Wynn continues to be liquidated, and the current liquidation loss is about $29 million.
Musk enters North Korea, Musk leaves
The honeymoon between the two began in the 2024 election, when Musk spent $290 million on the platform for Trump, and even personally visited swing states to canvass for votes and build momentum for him. After Trump's victory, he was appointed head of the Department of Government Efficiency (DOGE), which mandated it to reform federal institutions and cut fiscal spending. At that moment, Musk seemed to have really become the "Yang Jinshui" of the United States.
But the icing of power melts quickly. In April 2025, Musk and White House Chief of Staff Bessant had a violent disagreement on tariff policy, and a fierce quarrel broke out in front of the White House. And in the end, Trump took Bessant's appointment proposal, which may be the first alarm that Musk and Trump's allies are heading for a rift.
A month later, Musk said he was leaving the Trump administration and would not continue to serve as a special government employee, while the DOGE team would continue to work across the administration. The beginning of the quarrel seems to have laid the groundwork here.
A bill ignites conflict
In May 2025, the Republican-dominated House of Representatives passed a tax and spending bill that Trump called "big and beautiful." The bill is expected to send the U.S. budget deficit soaring to $2.5 trillion, while early ending up up to $7,500 in tax credits for several electric vehicles, including Tesla, and ending subsidies that were scheduled to be eliminated in 2032 by seven years. JPMorgan analysts estimate that the move will wipe out about $1.2 billion of Tesla's full-year profits.
On June 4, Musk spoke out against the bill, calling it "disgusting" and began privately lobbying Republican lawmakers in an attempt to prevent the president from signing the bill. He also sent a direct letter to House Speaker Mike Johnson calling for the EV subsidy clause to be retained.
The first round of insults has begun.
Trump expressed his "disappointment" in a public speech, saying that Musk actually "fully understands the content of the bill" and is only dissatisfied with the "removal of the mandatory sale of electric vehicles".
Musk responded by saying: "The Trump administration retained provisions in the draft to cut incentives for electric vehicles and photovoltaics, but did nothing to touch the subsidies for oil and gas. Moreover, this bill has never been shown to me even once; it was rushed through late at night, and almost no one in Congress could understand it."
Musk also dug up an old tweet from Trump in 2013 criticizing the increase of the debt ceiling for sarcasm. Trump stated in 2013, "I can't believe the Republicans are raising the debt ceiling. I'm a Republican, and I feel very ashamed!" Musk quoted this statement and said, "A wise saying."
The second round of verbal conflict: from "campaign gratitude" to "supply cut threat"
The dispute quickly heated up, and Musk publicly accused Trump of being "ungrateful" on platform X, saying that Trump would not have won the election if he hadn't supported it in the first place. He wrote: "Without me, Trump would have lost the election. Democrats will take control of the House of Representatives, and Republicans will fall from 51 to 49 seats in the Senate."
Not to be outdone, Trump said: "I can win Pennsylvania even without Musk." Subsequently, he posted on Truth Social that the most direct way to reduce the fiscal deficit is to end government subsidies and contracts for Musk and his company, "which will save billions of dollars." I've always been surprised that Biden didn't do it!"
Musk immediately responded strongly: "In light of President Trump's statement about canceling our government's contract, SpaceX will immediately begin decommissioning the Dragon spacecraft." It has been learned that the current manned space activities of the United States rely heavily on the "Dragon" spacecraft of the US Space Exploration Technology Corporation.
At this point, the verbal conflict has escalated into a political and technological crisis.
Round three of the verbal battle: Musk "drops bombs", directly pointing at Trump's "Lolita Island" scandal.
The flames of war are directly burning Trump's "sensitive past." Musk publicly revealed: "Trump appears in the Epstein documents. This is the real reason these documents have not been released for so long. Have a great day, DJT!"
This accusation brings the contradiction to a climax. Jeffrey Epstein, who was named in the spotlight for his involvement in underage sex trafficking and sexual assault, was arrested in 2019 and "committed suicide" in prison, leaving behind a wealth of unsolved mysteries. When Trump entered the campaign, he said that he would release a list of bigwigs involved in "Loli Island," which was said to include a number of prominent Democrats or supporters.
Musk didn't stop there, retweeting a tweet calling for "Trump's impeachment and JD Vance's replacement." Also launched a vote on X "Is it time to build a new party in the United States that truly represents the 80% of the middle?" To this, Trump responded that he didn't care: "I don't mind Elon Musk going against me, but he should have done it months ago."
The storm has not subsided.
The turmoil continued to ferment, and heated remarks continued to emerge. Steve Bannon, a former senior adviser to Trump, has publicly called for a thorough investigation of Musk and even "deportation". In an interview with The New York Times, he said: "I firmly believe that he is an illegal immigrant and should be deported immediately. He is suspected of drug abuse and all government contracts related to him should be cancelled."
At the same time, the White House has also acted swiftly. According to Jin Shi, informed sources revealed that senior White House aides held several closed-door meetings today to urgently assess the impact of Musk's tweets.
Financial mogul Bill Ackman also stated: "Elon Musk and Donald Trump, together benefits both, apart harms both." Musk simply responded: "You are not wrong." This interaction is viewed by the market as a signal that the relationship between the two may be temporarily reconciled.
However, the direction of the plot is still full of uncertainties. Crypto KOL Bruce J analyzed: "I predict that there may be 'peacemakers' in the future, the big beautiful bill will still pass, but some spending will be cut, giving all parties a step down, and Trump and Musk will stop the war in the short term, but the personal relationship will be completely broken."
Regardless of whether this storm is ultimately a temporary "reconciliation" or a full-scale showdown of power and capital, this dispute has long gone beyond personal grievances and has touched political nerves and market structure. For example, netizens ridiculed: "These two people have not done what adult men should do - control their emotions and control their mouths."