Overview

• At billionaire Bill Ackman’s urging, Musk offered to call Trump to de-escalate the feud, only to have the president refuse contact and say Musk “has a problem.”
• Musk briefly threatened to dismantle SpaceX’s Dragon spacecraft in response to Trump’s cancellation warning but later retracted once NASA’s reliance on the capsule became clear.
• Tesla’s shares plunged more than 14%, erasing around $150 billion in market value and briefly dipping below a $1 trillion valuation before a marginal recovery.
• Trump Media & Technology Group saw its stock fall about 8%, while Trump’s crypto venture Trumpcoin dropped nearly 10%, signaling losses for both leaders’ enterprises.
• House Speaker Mike Johnson called for a cease-fire, even as MAGA strategist Steve Bannon escalated the fight by demanding an investigation into Musk’s immigration status.