Trump and Musk’s big bad breakup causes sharp decline in crypto market and Tesla stock.
In under 24 hours the price of BTC hit $100,000 prices and ETH price fell over 7%.
Tesla shares fell by 17% and the asset lost $100 billion in market cap.
The President of the United States of America, Donald J. Trump, and Founder of SpaceX and Tesla, Elon Musk, seem to be experiencing a Big Bad Breakup caused by the One Big Beautiful Bill Act. In response, Trump and Musk’s Big Bad Break up causes sharp decline in crypto market and Tesla stock prices. Specifically, BTC price fell over 3%, ETH fell over 7%, and Tesla fell by 17%.
Trump and Musk’s Big Bad Breakup Causes Sharp Decline
Recently, President Trump and Elon Musk have had a series of disagreements that led to Musk leaving Trump’s side as an advisor. To highlight, Musk left his post in the Department of Government Efficiency (DOGE), where he had worked for over 3 months to help Trump’s new administration cut costs. Since then, the world has speculated what these disagreements could have been.
Today, the source of the disputes may have come to light. To elaborate, Trump introduces what he calls the One Big Beautiful Bill, where he proposes to cut taxes and roll back Biden-era green tax breaks. What this would mean is that Trump’s bill will cut other taxes and boost spending for border security and defence. Musk responds publicly with outrage to the bill, calling it disgusting, and accusing those who support the bill of betraying the American people. In fact, Musk says that passing the bill will add to the deficit by $2.4 trillion.
https://twitter.com/WuBlockchain/status/1930792414299718035
Musk then went on to say that Trump is in the Epstein files further fueling the argument. Trump then escalated the back and forth public posts between them by saying that a way for the government to save more funds would be to terminate all of Elon’s Governmental subsidiaries and contracts. Trump shares his disappointment in Musk’s reaction and confirms that his moves are to help American and fix all of its financial problems while Musk accuses Trump of wasting funds on needless ventures.
Both Crypto Market and Tesla Stock Prices Fell
https://twitter.com/Cointelegraph/status/1930707593569198417
The repercussions of their very public disagreement made an impact on both Tesla and crypto prices. In detail, CoinGlass data reveals that the public fallout between Elon Musk and Donald Trump has led to the price of BTC dropping more than 3% while ETH fell over 7% in under 24 hours. As we can see from the posts above, a total of 227,300 traders were liquidated, with total liquidations reaching $983 million, of which long positions accounted for $892 million. Similarly, Tesla shares plummeted 17% as the asset lost over $100,000,000,000 in market cap.
