Trump vs. Musk: The Break-up
CAPITALISM, 25 Aug 2025
Hagar Omran | Forbes Middle East - TRANSCEND Media Service
Elon Musk and President Donald Trump
Brandon Bell / Getty Images via AFP
19 Jul 2025 – When Elon Musk and Donald Trump clash, it sends ripples through the markets. Here’s a timeline detailing their turbulent relationship and its impact on Tesla and Musk’s wealth.
July 14, 2024
Following an assassination attempt on Trump during a campaign rally, Musk publicly endorsed him, posting on X, “I fully endorse President Trump and hope for his rapid recovery.”
October 5, 2024
Trump introduced Musk at a Pennsylvania rally, praising him for “saving free speech” and leading the “first major American car company in generations.” Musk then echoed the sentiment, labeling it “the most important election of our lifetime.”
October 24, 2024
Musk surpassed Miriam Adelson to become the second-largest individual pro-Trump donor of the election cycle, donating nearly $120 million to a super PAC, later becoming the largest individual donor of the 2024 election cycle, shelling out $290 million.
November 6, 2024
Following Musk’s campaign efforts, Trump lauded him as a “super genius” in his victory speech, while Musk hailed Trump’s win on X, saying, “the future is gonna be fantastic.” Tesla’s stock soared 18.8% in just two days, reaching $288.5 by November 6, and two days later, its market value eclipsed $1 trillion for the first time since early 2022.
November 12, 2024
Trump enlisted Musk to co-lead the new Department of Government Efficiency (DOGE).
December 11, 2024
Musk became the first person in the world to surpass a net worth of $400 billion, reaching $428 billion, driven by SpaceX’s $350 billion valuation and his amplified influence from significant donations and close ties to Trump, which supported Tesla’s stock.
January 20, 2025
On Trump’s second-term Inauguration Day, Musk spoke publicly, “This is what victory feels like.” He added, “I’m super fired up for the future. It’s going to be very exciting, as the president said we’re going to have a golden age.” Tesla’s stock soared 70.8% in six months, reaching $424.07, with its market cap hitting $1.4 trillion by January 21, 2025.
February 11, 2025
Musk’s son, X, accompanied him during a White House appearance with President Trump, where Trump publicly referred to the kid as a “high IQ individual.” Trump and Musk discussed their efforts to streamline government and combat waste, emphasizing the need for transparency and accountability in government spending.
March 11, 2025
Criticism of Musk’s government role led to Tesla’s stock crashing more than 45.6% since January 21. In March, Trump publicly supported the billionaire by trying out a Tesla at the White House and announcing that he’d purchase one. Tesla’s share price rose by 3.8% to $230.6 on that day. Two days later, Musk received his first formal complaint alleging his work for the federal government violates conflict-of- interest laws.
May 30, 2025
On his final day in office, Musk said he’d remain a “friend and adviser” to Trump despite stepping down from DOGE. Trump echoed that, saying Musk was “not really leaving.” The departure came as DOGE faced major legal challenges over mass firings and alleged illegal access to government data.
June 3, 2025
Following Musk’s departure, he tweeted a post calling the spending bill a “disgusting abomination” and shaming lawmakers who backed it. On the next day, Musk followed up with another post, warning that the bill “defeats all the cost savings achieved by the DOGE team at great personal cost and risk.”
June 5, 2025
In his first direct jab at Trump, —and on Tesla’s worst day on Wall Street since March, which saw Musk’s net worth fell below $400 billion, sliding by $25.5 billion— Musk reposted a 2013 Trump tweet criticizing republicans for extending the debt ceiling—a swipe at Trump’s push to scrap the debt limit entirely under his policy bill. Trump also insinuated Musk’s opposition was due to the removal of the EV tax credit. The feud intensified with Trump accusing Musk of “Trump derangement syndrome” and threatening to end his government contracts. Musk fired back, denying Trump’s claims, asserting his crucial role in Trump’s election win, and even briefly threatening to decommission SpaceX’s Dragon spacecraft, before he backtracked.
June 6, 2025
Musk signaled a willingness to de-escalate the feud, agreeing with hedge-fund billionaire Bill Ackman’s suggestion that he and Trump “should make peace.” Trump said that Musk had “lost his mind,” and reportedly considered selling his recently acquired Tesla car. Tesla ended that week down 14.8% at $295.14.
June 7, 2025
Musk deleted his posts linking Trump to the late former financier Jeffrey Epstein’s files and endorsing impeachment, though other critical posts remained.
June 9, 2025
Musk reposted Trump and Vice President JD Vance’s criticism of California officials for their handling of Los Angeles protests, suggesting his ire toward Trump had cooled after the public blow-up.
June 11, 2025
Musk tweeted he regretted some of his posts about Trump from the previous week, admitting they “went too far.” Trump reportedly responded that Musk’s apology was “very nice.” That day, Tesla stock rebounded to $326.4, recovering most feud-driven losses, while Musk’s net worth rose $147.4 billion to $411.2 billion compared to November 1, 2024, but declined by $11.8 billion from June 1, 2025, before the feud.
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Tags: Billionaires, Capitalism, Elon Musk, Profits, Trump
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