Shafaq News/ On Saturday, US President Donald Trump warnedthat tech billionaire Elon Musk would face "very seriousconsequences" if he finances Democratic candidates running againstRepublicans who supported the GOP’s budget bill.
In a phone interview with NBC News, Trump dismissed anypossibility of mending ties with Musk after a public feud between the two menescalated this week. Tensions intensified earlier in the week when Muskcriticized the GOP-led spending package, which had passed the House in May.
Despite the clash, Trump expressed confidence that thelegislation, dubbed the One Big Beautiful Bill Act (Republican-led spending andtax package) would pass the Senate before July 4. “The Republican Party hasnever been united like this before. It’s actually more so than it was threedays ago,” he confirmed, adding that Musk’s criticism may have inadvertentlyboosted support for the bill.
Trump also rejected calls from allies—among themconservative activist Steve Bannon—to investigate Musk’s business dealings orimmigration record.
Earlier, Musk described the “One Big Beautiful Bill Act” asa “disgusting abomination,” warning it would raise the federal deficit by $2.5trillion over the next decade.
Trump responded by calling him “a man who has lost his mind”and hinted at selling or donating his Tesla vehicle, which he had purchased asa symbol of support for the SpaceX CEO.
Since the start of 2025, Tesla has lost approximately $380billion in market value, dropping from $1.3 trillion in early January to $950.6billion as of June 6—a decline of 29.3 percent, the worst performance amongmajor global companies this year.
The sharpest loss came after Trump publicly threatened tocut government contracts with Musk’s firms, triggering a 14 percent drop inTesla shares, erasing $152 billion in value. Musk’s personal fortune also fellby an estimated $34 billion during that session, though he remains the world’srichest person with a net worth of around $334.5 billion.
The tech billionaire was a major donor to Trump’s 2024campaign, reportedly contributing over $250 million to support swing-stateefforts. At the start of his term, Trump appointed Musk to head the Departmentof Government Efficiency, where Musk implemented mass layoffs and shut downseveral federal agencies.
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