#TrumpVsMusk Tesla, SpaceX, and Crypto Markets 😡😡

What Happened?

Elon Musk called for Trump's impeachment on social media, accusing him of being involved in the controversial "Epstein files," sparking a fierce backlash from Trump.

Trump responded by revealing he asked Musk to leave his White House advisory role and threatened to cut government subsidies and contracts to Musk’s companies, including Tesla and SpaceX.

Musk retaliated by announcing plans to decommission SpaceX’s Dragon spacecraft, a key asset for NASA missions, as a direct response to Trump’s threats.

The feud began over Musk’s strong criticism of Trump’s recent tax and spending legislation, which Musk called a “disgusting abomination” that would balloon the national debt.

Market Reactions:-

Tesla’s stock suffered its largest single-day drop ever, plunging over 14% and wiping out about $150 billion in market value.

Cryptocurrencies also felt the impact: Bitcoin dipped below $101,000, while Dogecoin, closely associated with Musk, dropped nearly 8%.

The political clash has injected uncertainty into both tech and crypto markets, with investors wary of potential government actions affecting Musk’s businesses.