A billionaire breakup: Trump vs Musk war of words and an ‘Epstein files’ claim by Tesla CEO

A war of words that waged online

The rupture burst into full view on their social media platforms, Truth Social and X, just hours after President Trump was asked about Musk’s criticism of his new federal spending bill, which Musk derided as the “Big Beautiful Bill”, a swipe at Trump’s own signature phrase.

“I’m very disappointed in Elon,” Trump said from the Oval Office, breaking days of silence. Within minutes, Musk returned fire: “Go ahead, make my day.”

That salvo set off a flurry of escalations. Trump accused Musk of benefiting excessively from federal contracts and floated ending all business between the US government and Musk’s companies.

In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW

— Elon Musk (@elonmusk) June 5, 2025

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump posted.

Hours later, Musk announced that SpaceX would begin decommissioning its NASA-contracted spacecraft used to ferry astronauts to the International Space Station. Something that would – if put into motion – curtail the US’s ability to travel to the ISS, forcing it to rely on Russia.

Accusations, insults, and Epstein

The exchange, however, grew darker. Musk posted on X that Trump was named in unreleased records tied to Jeffrey Epstein, suggesting without evidence that this was why the documents remained sealed.

“Trump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!” Musk wrote.

Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.

Have a nice day, DJT!

— Elon Musk (@elonmusk) June 5, 2025

He also shared a post calling for Trump’s impeachment, doubling down on his assertion that the administration was leading the country into a recession.

How did the Trump-Musk bromance start?

Their political union began under extraordinary circumstances: days after an assassination attempt on Trump during a rally in Pennsylvania last July. Musk emerged as one of Trump’s most vocal backers, launching a political action committee and pouring more than $250 million into Trump’s re-election bid. Musk’s PAC-funded $1 million-a-day sweepstakes in Pennsylvania last year was credited with energizing voter turnout.

Musk was frequently seen at Trump’s side — during campaign stops, in the White House, even overnighting in the Lincoln Bedroom. In one viral image, Musk leapt into the air behind Trump during an October rally, wearing two MAGA hats.

After Trump’s inauguration, Musk joined Cabinet meetings, flew aboard Air Force One to Mar-a-Lago, and was named a senior advisor to the newly formed Department of Government Efficiency.

Just three months ago, Trump made a show of buying a red Tesla to signal his support for Musk’s embattled electric vehicle company.

“Such ingratitude”

On Thursday, Trump acknowledged the falling out. “I’ve helped Elon a lot,” he said. “But I’m very disappointed.”

The President dismissed Musk’s complaints about the bill, suggesting that Musk was simply upset that it scaled back electric vehicle tax credits. “False,” Musk fired back. “This bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!”

Musk accused the administration of stuffing the bill with “pork” and posted old Trump tweets railing against Republican spending, asking, “Where is the man who wrote these words? Was he replaced by a body double?”

He followed that with a pointed remark aimed at the President’s ego: “Without me, Trump would have lost the election. Such ingratitude.”

How did the markets react?

Markets did not take the feud lightly. As Trump ramped up his attacks on Musk, shares of Tesla dropped more than 14 per cent, wiping out approximately $150 billion in market value. Musk himself lost an estimated $20 billion in personal wealth in a single day.

Analysts called the downturn the worst single-day loss for Musk since 2022.

The spat has raised concerns among investors about the political risk now associated with Musk’s companies — many of which, including SpaceX and Starlink, depend heavily on government contracts.

Musk, however, had been preparing to leave his informal advisory role. Just last week, he gave what aides described as a “farewell press conference” in the Oval Office. He appeared with a black eye, which he attributed to a playful injury from his young son.