Elon Musk's apology to Donald Trump reverses fallout, restores Tesla shares, & boosts his net worth by $191 million overnight
A fallout over government spending
The friction began when Musk criticized what he described as a bloated and irresponsible government spending bill. On June 3, he posted on X, condemning the legislation. Trump reacted soon after, expressing disappointment in Musk during an Oval Office appearance. Trump suggested their once-strong relationship might now be damaged and hinted Musk knew the bill details 'better than anyone.'
Musk responded directly, stating that he had never seen the bill and that it passed quickly and quietly through Congress. He also pushed back against Trump's claims about helping him win Pennsylvania in the elections, reminding the public of his financial contributions and role in Republican campaign strategies.
An escalating war of words
The disagreement escalated further. Musk took to X again, criticizing the legislation's impact on the national deficit. He even floated the idea of starting a new centrist political party. As tensions rose, Trump threatened to cut Musk's government subsidies and contracts. Musk fired back, calling the claims 'an obvious lie' and eventually brought Epstein-related accusations into the public conversation, alleging that Trump was part of the sealed files.
By June 6, reports emerged of a phone call between the two to resolve the issue. Trump publicly dismissed the call, saying he had no intention of speaking with Musk and referring to the tech billionaire as someone with 'a problem.'
Apology follows threats and private talks
Following mounting pressure and a reported private discussion with Trump allies, Musk retracted his previous statements. On June 12, he posted, 'I regret some of my posts about President @realDonaldTrump last week. They went too far.'
Trump accepted the apology, telling the New York Post that he appreciated the gesture and had no hard feelings. A White House spokesperson confirmed that Trump acknowledged Musk's statement and emphasized the administration's focus on national interests.
Business gains from political truce
Musk's apology proved beneficial. According to Forbes, his net worth increased to $411.4 billion after the fallout, recovering nearly $191 million in value. Tesla shares, which had fallen 14% during the feud, showed signs of recovery with a 1% uptick.
With both SpaceX and Tesla heavily reliant on government partnerships, Musk's attempt to de-escalate the situation appears to be paying off. Investors, likely concerned about the impact of ongoing political hostility, can now expect greater stability.
As reconciliation takes shape, Musk's financial and political interests seem aligned once again, with funding continuing from both sides of the aisle.
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