Washington, D.C: The escalating spat between former U.S. President Donald Trump and Tesla CEO Elon Musk took a sharp turn on Thursday after Trump publicly dismissed reports of a planned call to ease tensions, bluntly calling Musk “a man who has lost his mind.”
Trump’s remarks came in response to claims that his aides were working behind the scenes to arrange a private conversation with Musk. When asked about it, Trump firmly told reporters he was “not particularly” interested in speaking with the billionaire tech mogul.
The feud began after Musk publicly criticized Trump’s major tax-and-spend “Big Beautiful Bill” and implied the former president should be impeached over alleged connections to the Jeffrey Epstein scandal. In retaliation, Trump threatened to terminate federal contracts with Musk’s companies, including SpaceX.
The fallout has already impacted markets — Tesla shares have dropped more than 14%, wiping out over $150 billion in market value and slashing Musk’s net worth by an estimated $33 billion.
Despite pressure from mutual allies such as billionaire investor Bill Ackman, who called for reconciliation, Trump appears unwilling to mend fences. Musk, however, hinted at a softer stance, responding to Ackman’s call by saying, “You are not wrong.”
Once allies during the 2024 U.S. elections, Trump and Musk have now become vocal adversaries, reflecting how political and business alliances at the highest level can rapidly unravel in the public eye.