Origins: Musk, former special adviser under Trump’s “DOGE” initiative, slammed the “One Big Beautiful Bill” (a tax‑and‑spending package) in early June, calling it a “disgusting abomination” npr.org+9thetimes.co.uk+9thedailybeast.com+9.
Escalation: Musk accused Trump of withholding Epstein‑related files and urged Trump's impeachment—posts later deleted thedailybeast.com+7people.com+7thetimes.co.uk+7.
Trump’s response: Threatened to cancel $22 billion in SpaceX contracts, called Musk a “big‑time drug addict,” and warned he’s “wearing thin.” He also sold off a Tesla and claimed their friendship was ended thesun.co.uk+9thetimes.co.uk+9politico.com+9.
Financial fallout: Tesla stock fell ~14–17%, erasing ~$150 billion. Trump Media lost ~8%, and TRUMP coin dropped ~12%, costing Trump ~$900 million. Combined, both lost about $21 billion thedailybeast.com.
De‑escalation: By June 11, Musk publicly apologized, deleted inflammatory remarks, and said he “went too far.” Trump responded he has “no hard feelings” and appreciates the gesture