Trump blasts Musk over spending bill dispute, labels him ‘a man who’s lost his mind’

WASHINGTON, June 7 — US President Donald Trump lashed out at Elon Musk on Friday, claiming the billionaire entrepreneur had “lost his mind,” but said he hoped to move past the escalating rift with his former ally.

The dramatic fallout between the world’s wealthiest man and the president comes with significant political and economic stakes.

According to White House sources, Trump cancelled a scheduled call with Musk and is even considering getting rid of the red Tesla he purchased during the height of their political camaraderie.

“Honestly, I’ve been so busy with China, Russia, Iran... I’m not thinking about Elon Musk. I wish him well,” Trump told reporters aboard Air Force One as he headed to his New Jersey golf club.

Earlier in the day, Trump said he wanted to refocus on pushing his “big, beautiful” spending bill through Congress — the very legislation that triggered Musk’s harsh rebuke and their public falling-out.

But the 78-year-old Republican couldn’t resist taking another swipe at Musk.

“You mean the man who has lost his mind?” Trump remarked during an interview with ABC, adding he was “not particularly” interested in speaking with him. He repeated similar comments to Fox News, saying Musk had “lost it.”

Just a week ago, Trump had praised Musk’s departure from his budget-cutting post at the Department of Government Efficiency (DOGE) after a four-month stint. Though signs of friction had emerged, the rapid unraveling of their relationship shocked political circles.

The spat intensified after Musk condemned Trump’s spending bill as an “abomination” on Tuesday. Trump retaliated Thursday with a fierce rebuke from the Oval Office, expressing deep disappointment in the Tesla and SpaceX chief.

The bill itself faces an uphill battle in Congress due to its potential to inflate the national deficit and reduce healthcare coverage for millions of low-income Americans.

The feud escalated further when Musk hurled personal accusations at Trump, including an unsubstantiated claim linking the president to documents involving convicted sex offender Jeffrey Epstein.

In response, Trump hinted at leveraging federal contracts against Musk, including multi-billion-dollar deals with SpaceX. However, he later struck a more measured tone.

“It’s a lot of money, a lot of subsidies. We’ll review it—but only to ensure fairness for him and for the country,” he said Friday evening.

Musk, for his part, appeared to attempt a de-escalation. He stepped back from earlier threats to suspend his company’s Dragon spacecraft program, which plays a crucial role in NASA missions, and refrained from posting on his social media platform X.

Despite speculation, the White House denied any planned communication between the two.

“The president does not intend to speak with Musk today,” a senior White House official confirmed to AFP, noting that Musk had requested a call.

Tesla Turmoil?

Tesla’s stock plummeted by over 14 percent on Thursday amid the controversy, wiping out around US$100 billion in market value before partially recovering on Friday.

In a symbolic move, Trump is reportedly considering selling or giving away the cherry red Tesla Model S he bought in March. The car was still parked on White House grounds as of Friday.

“He’s thinking about it,” a senior official told AFP.

The two had previously appeared together in the vehicle during a bizarre March event, when the White House briefly resembled a Tesla showroom following viral protests against Musk’s government role.

Despite Trump’s tough stance, Musk still holds considerable leverage. As the largest donor to Trump’s 2024 campaign, contributing nearly US$300 million, Musk’s continued financial support — or its withdrawal — could sway political dynamics, particularly ahead of the 2026 midterms. — AFP