#TrumpVsMusk Trump vs Musk: The power clash that shook the crypto market
On June 6, 2025, the once close relationship between President Donald Trump and billionaire Elon Musk officially fractured, sending shockwaves through the political and financial worlds.
It all began when Musk publicly criticized Trump’s "One Big Beautiful Bill," calling it "an abomination," expressing concerns about rising budget deficits and cuts to electric vehicle subsidies. In response, Trump threatened to terminate federal contracts with Musk's companies.
As a result, Tesla's stock price dropped by 14%, losing $152 billion in market capitalization, while TrumpCoin – the cryptocurrency backed by Trump – fell by 12% in value.
This conflict is not just a personal feud but also reflects the deep divide between technology leaders and politicians regarding the future of cryptocurrency and fiscal policy.