Musk vs. Trump: No call, no chill, just market carnage
A reported Elon Musk and Donald Trump “peace deal” scheduled for today almost rebounded the price of bitcoin (BTC), but now it appears that phone call is no longer happening.
White House officials now claim that Trump is no longer interested in talking to Musk, and that the feuding pair have no plans to hold a peace-brokering call, according to Reuters.
Politico previously reported, while also citing White House officials, that a call to “broker a peace” between the two was scheduled for today. Trump also told Politico, “Oh, it’s okay” when asked about the fallout, and that “It’s going very well, never done better.”
The public feud on X and in a number of interviews saw Musk criticize Trump for his connections to disgraced financier and sex offender Jeffrey Epstein, while Trump threatened to terminate Musk’s government contracts.
It caused the price of BTC to fall by 4.4%, Trump’s memecoin to tumble 11.8%, and Dogecoin to drop by 10.7%, according to CoinGecko. Tesla’s stock also took a $34 billion hit and fell 14% yesterday.
Read more: Bitcoiners are loving Elon Musk’s debt fallout with Trump
However, BTC’s price began to rise again between 10pm and 11pm GMT, and is now up 3.2% since its 24-hour low point. This coincided with Politico’s 11pm GMT report of a scheduled phone call.
Musk throws tantrum over Trump’s NASA nominees
Before the bill’s introduction, Musk had reportedly been upset by the government’s choice to discount Jared Issacman for the role of NASA head. Issacman was Musk’s preferred candidate for the role.
The “Big Beautiful Bill” was then introduced, and the public fallout began. Musk was critical of the bill — to the delight of Bitcoiners — which would reportedly add $2.4 trillion to US debts.
Musk then began to up the ante, threatening to decommission the Dragon spacecraft, showing support for impeaching the president, and claiming that Trump won’t release the Epstein files due to his name being in them.
More recently, he called Trump’s former strategist a “communist retard.”
Read more: Tesla reclaims 52 scam domains from Russian crypto grifter
On the other hand, Trump said Musk was “wearing thin,” and that an easier way to save money would be to terminate his government subsidies and contracts. Trump added that Musk should’ve turned on him months ago.
Elon has since backed down on his Dragon threat, and NASA has clarified that the program won’t be shuttered.
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