Critics have long warned that Donald Trump's pro-cryptocurrency push as president, coupled with his links to his family's growing crypto empire, creates substantial conflicts of interest that must be probed.
But so far, nothing has stopped Trump's family from seemingly benefiting from the presidency while expanding their empire. And now, Trump is rushing regulation through Congress that many Democrats fear could create his biggest conflict of interest yet.
On Tuesday, the Senate passed the GENIUS Act, a bill that will regulate stablecoins in the US, establishing guardrails and consumer protections that may spur wider crypto adoption nationwide. Unlike more volatile forms of cryptocurrency—like Trump's controversial memecoin—stablecoins' value can be pegged to the US dollar. The crypto industry is hoping the House of Representatives will quickly send the bill to Trump's desk, which Trump has demanded happen by August.
The White House confirmed that Donald Trump has extended the deadline for a TikTok sale for a third time, Reuters reported Wednesday.
Now, China-based ByteDance has 90 days to divest its US assets or potentially be forced to shut down US operations. Trump's announcement came one day before the June 19 deadline he established through his last extension. That extension was necessary after Vice President JD Vance failed to make a "high-level" deal expected in April, which Politico branded a "make or break moment" where Vance could have secured a big win.
Yesterday, Trump told reporters on Air Force One that China was holding up the sale, suggesting that China may have an upper hand in TikTok negotiations, and perhaps TikTok is losing its sheen as a US bargaining chip in Trump's bigger trade war.
Cybersecurity practitioners are voicing concerns over a recent executive order issued by the White House that guts requirements for: securing software the government uses, punishing people who compromise sensitive networks, preparing new encryption schemes that will withstand attacks from quantum computers, and other existing controls.
The executive order (EO), issued on June 6, reverses several key cybersecurity orders put in place by President Joe Biden, some as recently as a few days before his term ended in January. A statement that accompanied Donald Trump's EO said the Biden directives "attempted to sneak problematic and distracting issues into cybersecurity policy" and amounted to "political football."
Pro-business, anti-regulation
Specific orders Trump dropped or relaxed included ones mandating (1) federal agencies and contractors adopt products with quantum-safe encryption as they become available in the marketplace, (2) a stringent Secure Software Development Framework (SSDF) for software and services used by federal agencies and contractors, (3) the adoption of phishing-resistant regimens such as the WebAuthn standard for logging into networks used by contractors and agencies, (4) the implementation new tools for securing Internet routing through the Border Gateway Protocol, and (5) the encouragement of digital forms of identity.
Victor Schwartz and his daughter Chloe Schwartz, the family that owns VOS Selections, found themselves at the forefront of a legal fight that could affect millions.
VOS Selections
Victor Schwartz's business VOS Selections is the lead plaintiff in a lawsuit against Trump's tariffs.
Schwartz thought imported specialty wines were his edge in the business until tariffs hit.
Despite a stressful year so far, Schwartz says the positive response he got is energizing.
This as-told-to essay is based on a conversation with Victor Schwartz, owner of VOS Selections, a wine importing company based in New York. His business is the lead plaintiff in a lawsuit against President Donald Trump's use of emergency powers to impose tariffs. This essay has been edited for length and clarity.
Suing the government was not part of my business plan, and we have taken a big hit from the tariffs, yet in a strange way, it's been incredibly energizing to be involved a this case that could help so many.
I founded my business about 39 years ago as an importer and distributor of fine wines, spirits, and sakes. We have 19 people in the company, including me and my daughter.
I started my business in France, and we work with very small producers for cutting-edge products. The idea was to bring in things you don't find everywhere, and I thought that was really going to be my edge in the business, until the tariffs hit.
I knew I was sticking my neck out as the lead plaintiff of the case, which goes further than just throwing my hat in the ring, but I still decided that I needed to do this.
Tariffs made an already tough business even harder
VOS Selections imports around 60% to 70% of its products from more than 350 producers globally.
VOS Selections
There hasn't been enough information on just how complicated this process is.
The prelude to the tariffs is already bad. In our first quarter, we were down 16% compared to last year. Restaurants and retailers we work with are complaining heavily, cutting back products either in anticipation of tariffs or because consumers are not buying.
Then the main tariffs hit in April. My daughter and I spent two full days looking through every product in our book to determine what the tariff impact was going to be, which products we needed to drop, and how much tariffs we could afford to eat. As we all know, all the numbers changed in a few days, and it just keeps happening.
Keep in mind that alcohol is a heavily regulated business. Under regulations in the state of New York, for example, we have to post prices by the fifth of the month prior to the month of sale. Combine that with the time it takes for products to cross oceans and get through customs, this means we have to think about May pricing in March.
We're in that position of having to make firm decisions about what our pricing is going to be under very uncertain situations. As a small business with more than 600 mostly imported products from 350 producers, that just became impossible.
By now in June, the contraction I have feared is playing out. We go back to a good customer and say, "Hey, you've been using this product, but now we have to bring more of it in. Are you interested in this product at the new price?" Most of the time, they say "no." It's not like they're going to buy a domestic product. They're just going to buy another imported product that is less expensive.
Also, the customs are not going to release our container unless we pay them upfront. A 10% tariff means 10% less of our cash flow, and that means being much tighter on our inventory, reducing and stopping some orders where we could, and not moving forward on new projects.
Schwartz says that despite how stressful this year has been on his businesses, he feels energized and empowered.
VOS Selections
Retaliation was something I had to take into account when I decided to become the lead plaintiff.
One of the big motivating factors for me to step up is that the big guys in business were not getting involved. The big guys who have the money and power are cowering or defending their own self-interest.
The administration could come after me in many different ways to harm my business. Because this is a heavily regulated industry, we have to work with the government all the time. We deal with the TTB, the FDA, and Customs and Border Protection.
There have always been glitches here and there, but now whenever there is a glitch, I always think in the back of my mind, "Is this a real glitch or is this somebody coming after me?" So far, there is nothing. But I did have to consider potential consequences. If I hadn't been in this industry for 40 years, I may have made a different decision.
About 99% of the contacts I have gotten are positive, and this has really made me feel energized. It really blows me away that people have taken the time to write me cards and letters — not just "thank yous" but long letters too.
It seems that I have really struck a chord. I guess most lawsuits, in a certain sense, are just you looking out for yourself. But with my case, I just feel like we are trying to do something that's going to help a lot of people, and that is very empowering.
Israeli aircraft attacked Natanz, Iran's main enrichment facility, in strikes that began early Friday.
Maxar Technologies/via REUTERS
Israel launched a major operation on Friday targeting Iran's nuclear program.
Israeli officials said aircraft struck Iran's main enrichment facility at Natanz, among other sites.
It's hard for Israel to completely wipe out Iran's nuclear program, given that much is underground.
Israel launched an air assault against Iran early Friday morning that officials said is intended to damage Tehran's nuclear program.
Hundreds of Israeli warplanes participated in a series of widespread airstrikes targeting sites associated with Iran's nuclear and missile programs, as well as military leaders and air defense systems, in a major escalation that has already drawn a retaliatory attack from Tehran.
Specifically, Israeli Prime Minister Benjamin Netanyahu said that his forces "struck at the heart" of the country's nuclear enrichment and weaponization programs, and targeted its main enrichment facility at Natanz. The extent of the damage is unclear so far, but analysts said it appeared to be limited based on satellite imagery.
Netanyahu had long pushed for a military approach to Iran's nuclear program, as opposed to the deal that the Trump administration was hoping to settle to prevent Tehran from building nuclear weapons.
First responders react at the scene of an explosion in Tehran on Friday.
AP Photo/Vahid Salemi
Iran has said that its nuclear program is for civilian purposes.
However, military and nuclear experts say firepower alone won't be enough to completely wipe out Iran's nuclear program. It has many scientists with nuclear expertise and has stored its most critical facilities in bunkers buried deep underground.
This makes the facilities particularly challenging targets that, from the air, can only be reached by the largest bunker busters, which Israel lacks, or repeated strikes in the same spots.
Natanz, home to Iran's largest uranium enrichment site, is located several floors underground in the center of the country. The Israel Defense Forces said its airstrikes damaged an underground area of the facility that contains an enrichment hall with centrifuges, electrical rooms, and additional infrastructure.
Satellite imagery captured on Friday revealed what appears to be significant damage at Natanz, but only on the surface.
Overnight, Israeli strikes reportedly targeted strategic Iranian sites, including the Natanz nuclear facility, Iran's primary center for uranium enrichment. High-resolution imagery from @AirbusDefence, captured on June 13, 2025, reveals significant damage to the facility. pic.twitter.com/L7y9V64NIq
Iran's other main enrichment site, Fordow, is buried even deeper in the side of a mountain and is the country's most "hardened" facility, said Darya Dolzikova, a senior research fellow for proliferation and nuclear policy at the UK-based Royal United Services Institute think tank.
In comments shared with Business Insider, Dolzikova said Fordow has not been affected by the Israeli strikes, nor have other locations. "Should Iran make a decision to produce a nuclear weapon, it would likely do that at hardened and potentially still secret sites," she said.
It's unclear what air-to-ground munitions Israel used to strike Natanz and the other targets affiliated with Iran's nuclear program. However, it would take a very large bunker-buster bomb to reach underground and destroy the more hardened sites.
The likely best weapon for the job is the US military's GBU-57 Massive Ordnance Penetrator, one of the most powerful non-nuclear bombs and the largest bunker buster in America's arsenal at 15 tons. These munitions can only be carried by the B-2 Spirit stealth bomber and the B-21 Raider in development.
Israel doesn't have bomber aircraft capable of carrying the largest bunker-buster munitions. The IDF shared footage showing its fighter jets — F-35s, F-16s, and F-15s — taking off and landing during the strikes. Weapons experts pointed out that some of the aircraft appear to be carrying 2,000-pound guided bombs. Israel's F-15I, though, can carry 4,000-pound anti-bunker bombs.
An Israeli F-15I, armed with various munitions, is seen ahead of the operation.
Israel Defense Forces/screengrab
Military analysts with RUSI estimated in March that the Fordow site could be as deep as 260 feet underground, likely beyond the reach of even America's MOP. Damaging it would almost certainly require repeated strikes, likely over days or weeks.
US officials said Washington was not involved in the Israeli strikes. Secretary of State Marco Rubio warned Iran not to retaliate against American forces in the region, something Tehran and its allies have done in the past.
The US Navy has one aircraft carrier and seven surface warships in the Middle East right now. These assets are capable of providing air defense in the event of a larger Iranian response. So far, Tehran has retaliated by launching dozens of drones at Israel.
Beyond the nuclear sites, Israeli officials said forces also went after other high-profile Iranian targets, including its top scientists, senior military commanders, air defenses, and ballistic missile program.
The world's richest man navigates a treacherous period, marked by an insult-filled public feud with Donald Trump, a figure he significantly helped return to the White House.
The robotaxi company Waymo has suspended service in some parts of Los Angeles after some of its vehicles were summoned and then vandalized by protesters angry with ongoing raids by US Immigration and Customs Enforcement. Five of Waymo's autonomous Jaguar I-Pace electric vehicles were summoned downtown to the site of anti-ICE protests, at which point they were vandalized with slashed tires and spray-painted messages. Three were set on fire.
The Los Angeles Police Department warned people to avoid the area due to risks from toxic gases given off by burning EVs. And Waymo told Ars that it is "in touch with law enforcement" regarding the matter.
The protesters in Los Angeles were outraged after ICE, using brutal tactics, began detaining people in raids across the city. Thousands of Angelenos took to the streets over the weekend to confront the masked federal enforcers and, in some cases, forced them away.
Multiple Waymo vehicles were set on fire in Los Angeles amid protests against President Donald Trump's immigration crackdown.
David Pashaee / Middle East Images via AFP
Five Waymo vehicles were set on fire during protests in LA about Trump's immigration crackdown.
The company suspended service in downtown LA, a spokesperson confirmed to BI.
Waymo doesn't think the vehicles were intentionally targeted and is working with the LAPD.
Waymo suspended robotaxi service in downtown Los Angeles on Sunday after five vehicles were set on fire during protests against President Donald Trump's immigration raids in the city.
Photos show Waymo cars covered in anti-ICE graffiti burning in the street, engulfed in smoke.
A spokesperson for Waymo confirmed to Business Insider that five vehicles had been vandalized during the protests. The company temporarily suspended service in downtown LA and doesn't think its vehicles were intentionally targeted, the spokesperson said. Waymo is working with the Los Angeles Police Department, they added.
The protests were largely peaceful, but some violence broke out over the weekend.
Mario Tama/Getty Images
The remains of a Waymo vehicle were left on the street.
FREDERIC J. BROWN/AFP via Getty Images
On Sunday night, the LAPD said on X that "burning lithium-ion batteries release toxic gases." Electric vehicles often use lithium-ion batteries.
The spokesperson told BI that Waymo, which Alphabet owns, operates more than 300 vehicles in LA and is continuing operations in other parts of the city.
The company said five vehicles were set ablaze.
RINGO CHIU / AFP
It's not the first time that Waymo vehicles have been targeted in California. Last year, a crowd in San Francisco set one of the robotaxis on fire during Lunar New Year celebrations amid a wave of distrust about driverless vehicles.
The protests broke out on Friday after an immigration raid in the city. Over the weekend, Trump bypassed California Gov. Gavin Newsom's authority and ordered 2,000 National Guard members to the LA area. Despite the dramatic images, the protests have largely been peaceful, according to multiplereports.
On Sunday night, amid protests in the Los Angeles area, Musk posted a screenshot of a Truth Social post from Trump denouncing California Gov. Gavin Newsom and Mayor Karen Bass.
The president and his allies have cast the ongoing demonstrations, which began in response to immigration raids, as an "insurrection." His administration ordered the deployment of 2,000 National Guard members to the LA area over Newsom's objections.
Earlier on Sunday night, Musk reposted a Truth Social post screenshot from Vice President JD Vance about the administration's response, adding two American flag emojis.
He also shared an image of a masked protester waving a Mexican flag on top of a damaged vehicle, writing: "This is not ok."
The posts come just days after the feud between Musk and Trump reached a fever pitch last week. At one point, Musk approvingly shared a post suggesting that Trump be impeached, while Trump floated revoking Musk's companies' government contracts.
Trump has said that he has no plans to repair his relationship with Musk.
The feud began after Musk departed his role as the informal leader of the White House DOGE Office, with the tech titan criticizing Trump's "Big Beautiful Bill" for adding trillions to the deficit over the next 10 years.
In a White House fact sheet, the administration claims that Biden’s Executive Order 14144 — signed days before the end of his presidency — was an attempt “to sneak problematic and distracting issues into cybersecurity policy.”
A remarkable schoolyard brawl erupted online Thursday between President Donald Trump and his former "First Buddy" Elon Musk during which the pair traded insults and barbs. The war of words reached a crescendo during the afternoon when Trump threatened Musk's federal contracts.
"The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" Trump wrote on his social media network, Truth Social, at 2:37 pm ET.
Anyone with a reasonable grasp of reality understood that the "bromance" between the president of the United States and the most wealthy person in the world was going to blow up at some point, but even so, the online brouhaha that has played out Thursday is spectacular—at one point Musk suggested that Trump was in the Epstein files, for goodness' sake.
The former "Shark Tank" star previously said he's "not a fan of either party," but would run as a Republican if he wanted to join politics.
Bill Ackman
Bill Ackman called on Musk and Trump to reconcile.
Brian Snyder/Reuters
Hedge fund billionaire Bill Ackman voiced his support for both Trump and Musk on X, calling on the two to put aside their differences and "make peace for the benefit of our country."
Ackman, who had endorsed Trump for his 2024 presidential bid, wrote: "We are much stronger together than apart."
"You're not wrong," Musk responded.
Paul Graham
Paul Graham also took to X to share his thoughts on the feud.
Joe Corrigan/Getty Images for AOL
Paul Graham, cofounder of the startup accelerator Y Combinator, also weighed in on the public feud between the president and the Tesla CEO.
"A lot of people seem to be treating this as if it were just a beef. But the underlying allegation is a very serious one. If it's true, Trump is surely going to have to resign," he wrote in a post on X.
Graham did not specify what allegation he was referring to.
A lot of people seem to be treating this as if it were just a beef. But the underlying allegation is a very serious one. If it's true, Trump is surely going to have to resign.
Hours before Graham made his post, Musk went on X and accused Trump of withholding information about Jeffrey Epstein.
"Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" Musk wrote on X.
The billionaire hedge fund manager and the hip-hop mogul took to X to share their thoughts.
Ackman urged Trump and Musk to reconcile and continue working together.
"I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart," Ackman wrote in his post, which is now pinned to the top of his X profile.
I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country.
In November, Trump said Musk would help lead the newly created Department of Government Efficiency, which was tasked with cutting federal spending.
Early in Trump's second term, Musk was a regular fixture at the White House. At one point, the Tesla CEO brought his son, X Æ A-XII, to the Oval Office.
Then on Thursday, it all came crashing down: Musk and Trump had a very public falling out, trading barbs on their respective social media platforms.
Musk, who left his role at DOGE last week, took to X to criticize Trump's tax bill in a flurry of posts, branding it the "Big Ugly Spending Bill."
Trump then fired back during a White House event, expressing his disappointment in Musk and dismissing the criticism as a case of "Trump Derangement Syndrome," before turning to Truth Social to defend his tax bill.
Representatives for Ackman and Ye did not immediately respond to requests for comment from Business Insider outside regular hours.
Elon Musk and President Donald Trump's friendship fractured on Friday.
Andrew Harnik/Getty Images
Elon Musk predicted Trump's tariffs will trigger a recession later this year.
Musk's comment comes amid a growing public fallout with the president.
Wall Street has expressed similar concerns over Trump's tariffs.
Elon Musk predicted Donald Trump's tariffs will send the economy into recession, one of many verbal barbs the tech billionaire threw at the president on Thursday as their relationship collapsed into acrimony.
"The Trump tariffs will cause a recession in the second half of this year," Musk wrote on X while reposting another tweet that called Trump's tariffs "super stupid."
The morning began with Trump saying he was disappointed by Musk's opposition to his "One Big Beautiful Bill" during a press appearance to welcome the German Chancellor to the White House.
The feud intensified when Musk called out Trump's "ingratitude," and suggested establishing a new political party. The SpaceX cofounder also proposed decommissioning the company's Dragon spacecraft after Trump threatened to cut his government contracts, although Musk backed off that idea pretty quickly on X.
Fractures between the two emerged after Musk left his role recently at the White House. On Tuesday, Musk blasted the Republicans' tax-and-spending-cut bill, which Trump helped to shepherd through the House, calling it "pork-filled'" and a "disgusting abomination."
Musk isn't alone in criticizing the potential fiscal impact of this legislation. The nonpartisan Congressional Budget Office estimated it could increase deficits by $2.4 trillion over a decade.
Other experts also agree with Musk that Trump's tariffs could have a negative impact on the US economy.
JPMorgan predicted a 60% chance of a US recession after Trump imposed sweeping tariffs on April 2. The bank adjusted the possibility down to below 50% recently after Trump paused most of his highest tariffs.
"There is a period of transition," he added, "because what we're doing is very big. We're bringing back wealth to America. That's a big thing, and there are always periods of, it takes a little time, it takes a little time."
Musk said in a post on X Thursday that SpaceX "will begin decommissioning its Dragon spacecraft immediately" in light of Trump's statement that floated canceling the billionaire's government contracts and subsidies.
The SpaceX CEO included a screenshot of Trump's earlier Truth Social post, which said terminating Musk's government contracts would be the "easiest way to save money in our Budget, Billions and Billions of Dollars."
Musk walked that decision back around five hours later.
"This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days," X user Fab25june wrote on the platform.
"Good advice. Ok, we won't decommission Dragon," Musk said.
SpaceX's Dragon spaceships are used to transport NASA astronauts and supplies to and from the International Space Station.
In a statement to Business Insider, Bethany Stevens, NASA press secretary, said: "NASA will continue to execute upon the President's vision for the future of space. We will continue to work with our industry partners to ensure the President's objectives in space are met."
The White House did not respond to a request for comment.
The comments came as the feud between the former allies exploded on Thursday, with Trump and Musk publicly trading insults on their respective social media platforms, Truth Social and X.
Musk's government contracts are worth billions, with SpaceX working closely with NASA. SpaceX's Dragon spacecraft, designed to be reusable, can carry up to seven passengers to and from orbit and is the first private spacecraft to transport humans to and from the ISS, the company says.
Since 2020, NASA has relied on SpaceX's Dragon to transport astronauts to and from orbit. The agency, which retired its space shuttle program in 2011, depended on Russian Soyuz spacecraft for crewed missions prior to partnering with SpaceX.
In 2024, NASA announced SpaceX was awarded a $843 million contract to help decommission the ISS by the early 2030s. The plan involved using a larger, super-powered Dragon spaceship to push the ISS out of orbit, eventually landing in a remote part of the ocean. NASA planned to transition to using privately-owned space stations in the future.
Steve Bannon, who served as the White House chief strategist in Trump's first term, said in an interview Thursday that Trump should act immediately in response to Musk's announcement about decommissioning the Dragon spacecraft.
"President Trump tonight should sign an executive order calling for the Defense Production Act," Bannon said, referring to a federal law that grants the president authority to influence or control domestic industry in the name of national defense,"and seize SpaceX tonight before midnight."
Elon Musk and Donald Trump's friendship unraveled publicly over a tax bill dispute.
Kevin Dietsch; David Becker/Getty Images; Alyssa Powell/BI
Elon Musk and Donald Trump's friendship unraveled publicly over a tax bill dispute.
Musk criticized Trump's tax bill, calling it the 'Big Ugly Spending Bill.'
Here's how their recently fragile friendship fractured on Thursday, minute-by-minute.
Twenty-five minutes of live TV, more than a dozen posts on X, and three posts on Truth Social over the period offive hours (and counting) — that's how the already fractured friendship of Elon Musk and President Donald Trump publicly unraveled on Thursday.
The first signs of trouble began when Musk showed opposition to Trump's spending bill, the "One Big Beautiful Bill," though he never explicitly targeted Trump.
"Shame on those who voted for it," Musk tweeted on Tuesday, referring to Congress members who voted for Trump's tax cut bill.
Trump, for his part, had stayed uncharacteristically mum about Musk's criticism of the bill.
But that all changed on Thursday morning.
Here is a minute-by-minute breakdown of how the relationship between two of the most powerful men on the planet devolved.
11:20 a.m. ET
Musk began digging up Trump's old posts on what was then Twitter about the deficit, including one from January of 2013.
Musk unearthed another old X post by Trump from back in July 2012, presumably as a swipe at the new Republican tax bill that many economists and the congressional Budget Office said would increase the country's deficits.
Trump responded to Musk's attacks for the first time when answering press questions during a White House event to welcome German Chancellor Friedrich Merz.
"And you know Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles," said Trump. "And they're having a hard time, the electric vehicles. And they want us to pay billions of dollars in subsidy. Elon knew this from the beginning; he knew it from a long time ago."
12:07 p.m. ET
Trump's comments about Musk continued at the press appearance.
"He knew every aspect of this bill — better than almost anybody —and he never had a problem until right after he left," said Trump. "He said the most beautiful things about me. He hasn't said bad things about me personally, but I'm sure that'll be next. But I'm very disappointed in Elon. I've helped Elon a lot."
"People leave my administration, and they love us, and then at some point they miss it so badly, and some of them embrace it, and some of them actually become hostile," Trump continued.
"I don't know what it is. It's sort of Trump derangement syndrome, I guess they call it, but we have it with others, too. They leave and they wake up in the morning, and the glamour's gone. The whole world is different, and they become hostile," he added.
12:25 p.m. ET
Musk began a whirlwind of tweets soon after, responding in near real time to what Trump said during the press appearance.
"False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!" Musk posed on X.
False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it! https://t.co/V4ztekqd4g
Musk polls his X followers about creating a new political party "that actually represents the 80% in the middle." Mark Cuban quoted the post with three checkmarks.
Is it time to create a new political party in America that actually represents the 80% in the middle?
Trump responds to Musk with two consecutive posts on his own social media platform, Truth Social.
"Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" Trump wrote.
"The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" the president continued.
2:48 p.m. ET
Musk responds to Trump's posts on Truth Social, calling them "such an obvious lie."
Trump posts on Truth Social again to defend his tax bill.
"I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress," Trump wrote.
"It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT," Trump added.
4:09 p.m. ET
Musk says SpaceX will decommission its Dragon spacecraft "immediately."
SpaceX's Dragon spaceships transport NASA astronauts and supplies to and from the International Space Station. Prior to partnering with SpaceX, the agency depended on Russian Soyuz spacecraft for crewed missions.
In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW
Musk says that Trump's tariffs will "cause a recession in the second half of this year."
Some economists have also predicted that Trump's tariffs would hurt the economy, and Trump himself declined to rule out the chances of a recession back in March.
JPMorgan had predicted a 60% chance of a US recession after Trump imposed sweeping tariffs on April 2. The bank adjusted the possibility down to below 50% recently after Trump paused most of his highest tariffs.
The Trump tariffs will cause a recession in the second half of this year https://t.co/rbBC11iynE
Musk retweeted what appears to be a video of Trump partying with Epstein from the 1990s, doubling down on his earlier statement about the Epstein files.
"This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted," White House press secretary Karoline Leavitt told Business Insider in a statement. "The President is focused on passing this historic piece of legislation and making our country great again."
Representatives for Tesla did not immediately respond to requests for comments.
A walkback
Musk took a softer tone later on Thursday night.
Some five hours after his post about decommissioning the Dragon spacecraft, he walked back the decision in a response to an X user.
"This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days," X user Fab25june wrote on the platform.
"Good advice. Ok, we won't decommission Dragon," Musk wrote at 9:20 p.m.
In a separate exchange on X, billionaire investor Bill Ackman encouraged Musk and Trump to make up.
"I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart," Ackman wrote.
Login
