U.S. President Donald Trump lashed out at Elon Musk on Friday, saying the billionaire “lost his mind” as tensions between the once-close allies spiraled following Musk’s criticism of Trump’s massive spending bill.
Speaking aboard Air Force One, Trump downplayed the feud but couldn’t resist a jab: “You mean the man who has lost his mind?” he said when asked about Musk. Still, he added, “I just wish him well.”
The fallout began after Musk slammed Trump’s so-called “big, beautiful” mega-bill as an “abomination” earlier this week. The legislation, now in Congress, has drawn criticism for increasing the deficit and cutting healthcare spending. Musk’s remarks reportedly infuriated Trump, leading him to cancel a planned call and reconsider keeping the red Tesla he purchased during the height of their alliance.
Trump had praised Musk just days earlier as the billionaire exited his four-month role at the Department of Government Efficiency (DOGE), a cost-cutting agency Musk had been helping lead.
The feud escalated dramatically. Trump expressed “disappointment” in Musk during an Oval Office outburst on Thursday. Musk responded by accusing Trump—without evidence—of appearing in files linked to convicted sex offender Jeffrey Epstein. Trump then hinted at reviewing SpaceX’s government contracts worth billions, though he later said any action would only be taken “if it’s fair.”
Meanwhile, Musk took a more muted approach Friday, refraining from posting on X (formerly Twitter) and pulling back on threats to cancel NASA-related Dragon spacecraft projects.
Tesla shares plunged over 14% Thursday amid the chaos, wiping out around $100 billion in market value before a modest recovery Friday. The White House confirmed Trump is considering selling or giving away his red Tesla Model S, still parked on the White House grounds.
Despite the personal fallout, political implications loom large. Musk was the top donor to Trump’s 2024 campaign, contributing nearly $300 million. Future support now appears uncertain, raising the prospect that Musk could back rival Republican factions or act as a spoiler with his vast fortune.
