Elon Musk, Trump and a MAGA friendship that went south
Tesla's market cap fell by more than $150 billion Thursday, the worst day ever
President Trump and Elon Musk had a falling out after a cozy relationship when Musk ran DOGE. Trump gives his take on why Musk is upset.
From the 2024 Presidential campaign trail, Tesla CEO Elon Musk and President Donald Trump’s relationship blossomed into what appeared to be a friendship, a political partnership and a mutual admiration.
It has since exploded into a war of words and personal insults after Musk departed DOGE and slammed Trump's One Big Beautiful Tax Bill, calling it a "disgusting abomination."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 481.20 | -2.17 | -0.45% |
Trump said Thursday that Elon was mad because of scrapped tax credits and a refusal to hire his NASA pick. Musk fired back, attempting to link Trump to disgraced pedophile financier Jeffrey Epstein, while also saying his tariffs will cause a recession.
MUSK DOES ABOUT FACE IN TRUMP BATTLE
FOX Business takes a look at the relationship between Trump and Musk in pictures, from the creation of DOGE and his time as a frequent fixture at the White House, the Oval Office and even in Cabinet meetings despite his unique role as a special government employee.
Musk’s family members frequented Mar-A-Lago. Musk’s son X flew on Air Force One and was a regular in the Oval Office by his father’s side.
Trump even defended Musk amid public backlash Tesla owners faced in protest of DOGE cuts, while showcasing his own red Tesla outside the White House. He praised Elon for a successful SpaceX launch. The two even sat ringside at a UFC fight, alongside CEO Dana White.
(L-R) White House staff secretary Will Scharf; Tesla and SpaceX CEO Elon Musk, joined by his son X Musk; and President Donald Trump appear for an executive order signing in the Oval Office at the White House in Washington, D.C., Feb. 11.
Tesla CEO Elon Musk reacts as President Donald Trump addresses a joint session of Congress in the Capitol building's House chamber in Washington, D.C., March 4.
White House Senior Advisor and Tesla and SpaceX CEO Elon Musk, left, speaks during a Cabinet meeting held by President Donald Trump at the White House in Washington, D.C., March 24.
President Donald Trump prepares to watch the Ultimate Fighting Championship with UFC CEO Dana White and Elon Musk at the Kaseya Center in Miami, Fla., April 12
Elon Musk laughs with President Donald Trump as Qatar's Emir Sheikh Tamim bin Hamad al-Thani (second from right) and his spouse Sheikha Jawaher (right) greet a guest ahead of a state dinner at the Lusail Palace in Doha May 14, 2025.
Elon Musk and his son X Æ walk off Marine One on the South Lawn of the White House. The two were returning with President Donald Trump, who spent the weekend in Florida attending a UFC Fight Saturday night in Washington, D.C., April 13.
President Donald Trump and White House Senior Advisor and Tesla and SpaceX CEO Elon Musk sit in a Model S on the South Lawn of the White House in Washington, D.C., March 11.
President Donald Trump and White House Senior Advisor and Tesla and SpaceX CEO Elon Musk deliver remarks next to a Tesla Model S on the South Lawn of the White House in Washington, D.C., March 11.
Tesla and SpaceX CEO Elon Musk, accompanied by President Donald Trump and his son, X Musk, speaks during an executive order signing in the Oval Office at the White House in Washington, D.C., Feb. 11.
Elon Musk speaks during CPAC-DC at the Gaylord National Resort in Oxon Hill, Md., Feb. 20, 2025.
(L-R) Amazon founder Jeff Bezos, Google CEO Sundar Pichai and Tesla and SpaceX CEO Elon Musk attend the inauguration of Donald Trump in the U.S. Capitol Rotunda Jan. 20, 2025, in Washington, D.C.
SpaceX and Tesla CEO Elon Musk, with his son X, speaks at President-elect Donald Trump's victory rally at the Capital One Arena in Washington, D.C., Jan. 19.
President-elect Donald Trump greets Elon Musk as he arrives to attend a viewing of the launch of the sixth test flight of the SpaceX Starship rocket Nov. 19, 2024, in Brownsville, Texas.
President-elect Donald Trump and Elon Musk pose for a photo during UFC 309 event at Madison Square Garden Nov. 16, 2024, in New York City.
CEO of Meta and Facebook Mark Zuckerberg, Lauren Sanchez, Amazon founder Jeff Bezos, Google CEO Sundar Pichai and Tesla and SpaceX CEO Elon Musk arrive for the inauguration of U.S. President-elect Donald Trump in the U.S. Capitol Rotunda in Washington, D.C., Jan. 20.
Melania Trump, center right, and Elon Musk, CEO of Tesla Inc., center, during a campaign event with Donald Trump, not pictured, at Madison Square Garden in New York Oct. 27, 2024.
Tesla CEO Elon Musk jumps on stage as he joins former President and Republican presidential candidate Donald Trump during a campaign rally at the site of the first assassination attempt on Trump in Butler, Pa., Oct. 5, 2024.
While the world was fixated on the very public and unorthodox spat, Tesla's market cap fell by more than $150 billion, the worst ever. On Friday, shares recovered some of those losses.
KEVIN O'LEARY: WHAT REALLY SET OFF ELON MUSK AGAINST TRUMP?
Shares are down nearly 20% so far this year.