WASHINGTON DC: U.S. President Donald Trump said Friday that tech billionaire Elon Musk has “lost his mind,” as their once-close relationship continues to unravel in a high-profile public feud with potential political and financial consequences.
Speaking aboard Air Force One, Trump downplayed the fallout but couldn’t resist swiping at the Tesla and SpaceX CEO.
“Honestly, I’ve been so busy working on China, Russia, and Iran… I’m not thinking about Elon Musk. I just wish him well,” he told reporters, while also calling Musk “the man who has lost his mind” in an earlier interview.
Tensions escalated after Musk criticized Trump’s proposed spending bill as an “abomination” earlier this week. In response, Trump publicly expressed disappointment and hinted at reviewing SpaceX’s government contracts, which amount to billions in subsidies.
Although Trump later struck a milder tone, saying any contract decision would have to be “fair,” the rift has rattled markets. Tesla’s stock dropped over 14% Thursday, erasing $100 billion in market value before partly recovering.
There is also speculation that Trump may sell or give away the cherry red Tesla Model S he bought in March at the height of their alliance. The car remains parked on White House grounds.
Musk, who previously donated nearly $300 million to Trump’s 2024 campaign, has maintained a lower profile since the dispute erupted, even walking back a threat to cancel the Dragon spacecraft program used by NASA.
Despite reports Musk requested a call to ease tensions, the White House confirmed Trump has no plans to speak with him.
As the feud unfolds, analysts warn it could have ripple effects — both for the tech industry and Trump’s political ambitions.
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