Billionaire Elon Musk experiences significant financial setback: Details of his clash with Trump resulting in a $34 billion loss, and implications for his business ventures.

Billionaire Elon Musk experiences significant financial setback: Details of his clash with Trump resulting in a $34 billion loss, and implications for his business ventures.

Title: Donald Trump Triumphs in Face-off with Musk: A Power Struggle Revealed

(Image credit: GLOBAL LOOK PRESS)

After a week of intense confrontations and personal attacks, the power struggle between U.S. President Donald Trump and tech magnate Elon Musk seems to have reached a conclusion.

Musk was the first to show signs of submission, amid mounting financial and reputational losses. On June 6 alone, he endured a staggering $34 billion loss, while Tesla's stock plummeted to record lows.

Acknowledging his error, Musk posted on the popular social media platform X (previously Twitter), "I admit, my tweets about President Trump last week went too far."

Defying His Own Father

At one point, Musk seemed to believe that he wielded more power and influence than the U.S. President. He threatened to expose compromising information related to the Epstein case and withdraw his Dragon spacecraft from U.S. space programs. However, not even his own father, Errol Musk, voiced support for him. During a gathering in Moscow for the "Future Forum-2050," Errol spoke candidly with journalists, stating, "Elon is under immense pressure right now, which is why this happened. But trust me, they'll make up."

By the end of last week, Musk had a change of heart. He deleted several controversial social media posts, including one accusing Trump of involvement in Epstein's scandals and another agreeing to a user's suggestion to impeach Trump and replace him with Vice President Jay Di Vance.

In the meantime, Trump's demeanor softened. On June 7, he stated to journalists that their relationship was over and that he had no intention of reconciling or even communicating with his former ally. However, a day later, Trump conceded, "I wouldn't mind if Musk called me. I'd continue to support SpaceX's projects."

Trump's Shift in Stance

Experts suggest that Trump's recent shift in stance may be due to Musk's renewed support for strong actions by the American administration in response to the unrest in Los Angeles. Musk has reactivated his subscription to the account of key Trump advisor on immigration, Stephen Miller, and commented on a post by Vice President Mike Pence, emphasizing Trump's intolerance of "disorder and violence."

A TARNISHED REPUTATION: AN UNWINNABLE BATTLE

According to US domestic politics expert Anastasia Bunina, Musk stood little chance against Trump in this conflict:

• Trump's victory in this quarrel lies in his reinforcement of his authority over Musk. During the past few years, Musk has gained considerable influence not only in business but also in politics, even acting as the director of the Department of Government Effectiveness. But it's essential to remember that he remains dependent on Donald Trump. The Trump administration can influence the support and favorable tax treatment granted to Musk's companies. In short, Musk needs to maintain a favorable relationship with Trump.

Bunina predicts that it will be difficult for Musk to rejoin Trump's inner circle:

• Trump forgives those who remain loyal to him. However, their transgressions become a part of their past. I anticipate that they will continue to cooperate in certain areas, but Trump will view Musk less favorably.

A reminder: The initial cause of the conflict was Musk's opposition to Trump's "Big Beautiful Law," which proposed tax cuts and subsidies, as well as increased budget spending. In an interview with CBS, the entrepreneur voiced his concern that the bill would significantly increase the U.S. budget deficit, a claim refuted by the Trump administration.

1. Despite his initial belief, Musk realized that he wielded less power compared to President Trump in the realm of policy-and-legislation and politics.
2. Science and technology continue to play a significant role in the power struggle, as Musk's support for strong actions in policy and his renewed interest in Trump administration advisors illustrate.
3. The business sector was greatly impacted by this dispute, with Musk's financial losses and Tesla's plummeting stock serving as evidence.
4. General-news outlets have extensively covered the events, providing insights into Trump's shift in stance and Musk's subsequent change of heart.
5. This battle, marked by personal attacks and conflicts over finance, space-and-astronomy, and policy, revealed the complex dynamics between influential figures in science, finance, and politics.

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