Key Takeaways:
- Trump threatens to pull federal contracts from Elon Musk.
- Tesla stock plunges 14.26%, while Starlink drops 4.62%.
- Musk claims Trump is listed in Jeffrey Epstein papers.
- Musk’s SpaceX plans to exceed NASA’s budget by 2025.
President Donald Trump recently made headlines by threatening to pull federal contracts from tech billionaire Elon Musk. This shocking statement sent shockwaves through the stock market, with Tesla and Starlink stocks taking a hit. Meanwhile, Musk fired back with some explosive claims of his own. Let’s break it all down.
Trump’s Threat and Musk’s Response
On a tense afternoon, Trump took to his platform, Truth Social, to threaten Musk. He suggested pulling federal contracts from Musk’s companies. This wasn’t just an empty warning—it had real-world consequences. Investors got spooked, and Tesla stock began to fall rapidly. By the end of the day, Tesla had lost 14.26% of its value. Starlink, Musk’s internet company, also dropped, ending the day at -4.62%.
Musk didn’t stay quiet. He fired back at Trump, accusing him of being ungrateful. Things escalated when Musk claimed Trump was listed in the Jeffrey Epstein papers, suggesting Trump was involved in Epstein’s crimes. However, these claims are unproven, and Trump has denied them.
What’s Next for Musk’s Empire?
While Tesla and Starlink took a hit, SpaceX—Musk’s space exploration company—remains unaffected for now. SpaceX isn’t publicly traded, so its value isn’t as visible. But Musk has big plans for the company. Earlier this week, he announced that SpaceX’s commercial revenue from space operations will surpass NASA’s budget of $1.1 billion next year. By 2025, Musk predicts SpaceX will reach $15.5 billion in revenue.
This ambitious goal shows Musk’s confidence in his company’s future. However, the recent drama with Trump has left many investors worrying about the stability of Musk’s businesses.
The Bigger Picture: Politics and Business Collide
This isn’t the first time politics and business have clashed. When public figures like Trump and Musk get into disputes, it can have ripple effects across the economy. Investors get nervous, stocks fluctuate, and companies face uncertainty. While Musk’s businesses are known for innovation, they’re not immune to external pressures.
What Does This Mean for You?
If you’re reading this, you might be wondering why this matters. Well, even if you’re not a stock market expert, it’s important to understand how political tensions can impact the economy. Companies like Tesla and Starlink are household names, and their performance can influence everything from electric cars to internet access.
Stay tuned as this drama unfolds. With Trump and Musk involved, there’s bound to be more twists and turns.
This article is part of Digital Chew’s commitment to bringing you the latest in tech, business, and politics. Stay informed, stay curious.