Trump introduces the One Big Beautiful Bill pertaining to huge tax breaks.
He will instead use these funds for border security and defence.
This enrages Elon Musk, accusing the government of betraying the American people.
The President of the United States of America, Donald J. Trump, and Founder of Tesla and SpaceX, Elon Musk, seem to have hit a snag in their previously agreeable relationship. The two leaders seem to have reached an impasse in their recently turned feud caused by Trump’s latest bill. To highlight, Trump introduces the One Big Beautiful Bill, a bill pertaining to huge tax breaks, which outraged Elon Musk and hurt the crypto market.
Trump Introduces the One Big Beautiful Bill
President Trump is trying to pass a bill in Congress. He has titled this bill, the One Big Beautiful Bill, a proposal set to cut taxes and roll back Biden-era green tax breaks. In detail, the One Big Beautiful Bill Act, now in the Senate, would pay for President Trump’s campaign promises to make his 2017 tax cuts permanent. Specifically, the bill would cut other taxes and boost spending for border security and defence.
The attempt to pass the bill led to an outraged Elon Musk. He calls the bill disgusting and accuses Trump of wasting the funds on irrelevant initiatives. Musk then calls this a mark against the American people and urges those in power not to pass the bill. In particular, Musk believes that passing the bill will add to the deficit by $2.4 trillion. This seems to have been the last straw for Musk.
As of last week, Elon Musk left the Department of Government Efficiency (DOGE), where he had worked for over 3 months to help Trump and his new administration cut costs. However, it seems he and Trump hit quite a few snags and a string of disagreements led to Musk leaving Trump’s side and DOGE as an advisor. This move seemed quite severe as Musk stood by Trump’s side throughout his presidential campaign.
https://twitter.com/elonmusk/status/1930703865801810022
In response to Musk’s reaction to the One Big Beautiful Bill, Trump expresses his disappointment but believes that the two will reconcile with an arranged call in the coming days. However, before Trump revealed this need to hash things out, their disagreement escalated far more. As we can see from the post above, Elon Musk reveals that Trump is in the Epstein files, and that is why the records haven’t been made public.
https://twitter.com/TheImmortal007/status/1930720705160904891
In retaliation, President Trump announced that the office could save the American government even more funds by terminating all of Elon’s Governmental subsidiaries and contracts. Trump shares his bafflement over Musk’s behaviour and says he is only working to fix America and not cater to anyone else, which comes as a contradiction to many who accused Trump of doing Musk favors.
https://twitter.com/DefiantLs/status/1930748394215227399
Meanwhile, Musk calls Trump ungrateful because he believes Trump would not have won office without his help. All in all, the feud between them led to a dip in Tesla stocks and a dip in Bitcoin price, which fell to the $100,000 price range. Ultimately, it seems the price of Bitcoin held strong despite the socio-political influence, showing the strength and resilience of Bitcoin and BTC whales.
