Explosive Feud Sends Bitcoin and Tesla Into a Tailspin
The post Explosive Feud Sends Bitcoin and Tesla Into a Tailspin appeared on BitcoinEthereumNews.com.
The former bestie’s feud over a controversial spending bill is roiling crypto markets, tanking Tesla stock, and shaking investor confidence across the board. Bitcoin (BTC) and other digital assets have dipped as a public feud between Donald Trump, the President of the United States, and Elon Musk, the world’s richest man, escalates and threatens to fracture the country. Relationship publicly sours over big beautiful bill On Thursday, Musk openly criticized Trump’s flagship “One Big, Beautiful Bill Act,” a tax-and-spending package expected to add $2.4 trillion to the deficit. “I’m sorry, but I just can’t stand it anymore,” Musk wrote on his social media platform X. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.” Trump tapped Musk to co-lead a newly formed Department of Government Efficiency (DOGE). DOGE was created to cut bloated US Federal Government spending practices, and Musk takes issue with aspects of the bill, which include large spending increases on infrastructure, border security, family tax credits, and various industrial subsidies. Musk also wrote on X that the Bill would “increase the already gigantic budget deficit to $2.5 trillion (!!!)” The bill includes provisions to reduce or eliminate EV tax incentives, including credits that benefit Tesla buyers. There are reports that this has been a factor in Musk’s attack on the bill. Trump and Musk exchange jabs On June 5, Trump hit back. At a press conference and on Truth Social, he threatened to cut government subsidies to Musk’s companies, writing: “The easiest way to save money… is to terminate Elon’s Governmental Subsidies and Contracts.” This was a direct shot at SpaceX, Tesla, and other Musk-linked ventures heavily dependent on federal contracts. Musk responded in kind. On X, he taunted Trump:…
Filed under: News - @ June 6, 2025 9:25 am