After a high-profile feud that saw President Donald Trump and billionaire Elon Musk trading public jabs, the two now appear to be mending fences — just as publicly as their falling-out.
After a string of inflammatory posts about President Trump on his social platform X last week, Elon Musk appeared to shift his tone, posting on June 11: “I regret some of my posts about President @realDonaldTrump last week. They went too far.”
A few hours later the president posted to his social media platform, Truth Social, “I’m open to reconciling with Elon after seeing his latest posts. Elon knows I love him. JD knows this too. I give the best and biggest reconciliations. Everyone knows this!”
The spat emerged after Trump backed the “Big, Beautiful Bill” which to Musk appeared to undermine all the work he has done while working with the Department of Government Efficiency (DOGE).
The nonpartisan Congressional Budget Office (CBO) projects the bill would add $2.6 trillion to the national debt by 2034 with some models estimating the hit to be as much as $3 trillion or potentially $5 trillion in extended scenarios.
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The bill also delivers nearly $4 trillion in personal and business tax benefits by extending Trump-era tax cuts, including provisions on the SALT deduction cap, estate tax, pass-through income, and incentives for creators.
The bill also cuts social programs and includes work requirements and tougher rules for Medicaid and SNAP, potentially reducing healthcare access for 8.6 million people.
Essentially, in the short-term, the tax cuts could stimulate growth briefly while in the long-term the country will see rising debt, a scenario that Musk has been very vocal about avoiding.
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Sacrifices made
Since Musk started his work with DOGE, he and his companies have come under constant attack by his political opposition, causing him to personally lose a significant amount of his wealth.
Both Bloomberg and Forbes data indicates that Musk’s net worth dropped by approximately $113-121 billion, or around 25 percent, during his time heading DOGE.
The bulk of this loss was tied up in his Tesla stock, which suffered heavy losses as investors questioned Musk’s divided attention.
Over the course of his tenure with DOGE, just 103 days, Tesla’s market cap dropped by a staggering $140 billion.
Within a month of Musk working with DOGE, Tesla shares plummeted by 16.5 percent followed by another 45 percent drop over the next two months.
This was driven by shareholder discontent, with a coalition of them demanding that Musk reduce his outside commitments, citing declining sales, brand damage, and a “crisis” of focus.
In addition, the “Tesla Takedown Movement” hit numerous showrooms around the world, with 31 percent of Tesla owners claiming to consider selling their cars due to Musk’s political activity.
The massive losses however don’t appear to have phased Musk who said that his efforts working with DOGE, and the ensuing losses were “Worth it.”
