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GetBlock Magazine - What happened? On Friday, June 6, Bitcoin briefly fell by 5% as broader markets reacted negatively to the quarrel between U.S. President Donald Trump and Tesla (NASDAQ:TSLA) CEO Elon Musk on their respective social media platforms, Truth Social and X.

Data aggregator CoinGecko

What else is known? The public dispute escalated after Trump remarked during a meeting with German Chancellor Friedrich Merz that Musk should not criticize the tax relief bill. Musk called the document officially named One Big Beautiful Bill a "disgrace," noting that it would worsen the budget deficit.

In response, the Tesla head stated that without him, Trump would have lost the election, and Republicans would not have secured an absolute majority in Congress.

In turn, Trump threatened to withdraw contracts and government subsidies from SpaceX to address the budget deficit issue that Musk pointed out.

Following this, Musk claimed that Trump appears in documents related to the Jeffrey Epstein case concerning child trafficking, which is why they have not yet been made public. According to one unofficial version, Epstein's suicide in custody occurred in 2019.