A public feud between Trump & Musk over a U.S. spending bill rocked crypto markets
The global crypto market cap shed $200 billion in value following the confrontation
Bitcoin dropped over 6%, triggering nearly $1 billion in widespread liquidations
Tesla stock plunged 14% on Thursday after CEO Elon Musk publicly criticized President Donald Trump’s recently passed U.S. spending bill. Musk’s remarks, posted on X, called the legislation a “massive, outrageous, pork-filled” policy, sparking a fierce response from Trump.
In retaliation, Trump threatened to cancel federal contracts with Musk’s companies, including SpaceX. The fallout rattled investors and sent shockwaves through both tech and crypto markets.
The confrontation wiped out approximately $150 billion from Tesla’s market capitalization. Tesla closed at $284.70, marking its worst single-day performance of the year. At one point during the trading session, the stock had fallen more than 17% before staging a modest recovery. According to FactSet, it was Tesla’s 11th-worst trading day since its IPO in 2010.
Related: Elon Musk Warns U.S. Debt Interest Imperils Spending; Bitcoin Solutions…
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