Overview

• Trump called Musk “completely crazy” and threatened to cut off government subsidies and contracts for Tesla and SpaceX after the billionaire criticized his “Big Beautiful Bill.”
• Musk accused Trump of appearing in the Jeffrey Epstein files and briefly threatened to dismantle SpaceX’s Crew Dragon capsule before reversing his stance.
• Tesla shares plunged 14% in a single session, wiping about $100 billion off its market value and deepening losses from earlier this year.
• Musk’s question on X about founding a new political party for the middle 80% of Americans drew more than one million votes, with 84% endorsing the idea.
• White House officials have arranged a reconciliation phone call with Musk despite Trump publicly saying he’s “not interested” in speaking with him.