The feud between Donald Trump and Elon Musk has reached a dramatic peak, as the US president accused the tech billionaire of "losing his mind" following explosive allegations and a public falling out. The clash erupted after Musk implied that Trump was named in documents related to convicted child sex offender Jeffrey Epstein, known as the “Epstein files.”

In response, Trump took to his Truth Social platform and cited a statement from Epstein’s former criminal defense attorney, David Schoen, who denied the accusations: "I can say authoritatively, unequivocally and definitively that [Epstein] had no information to hurt President Trump," Schoen’s statement read. "I specifically asked him!"

The president followed up with a series of phone interviews with major US media outlets, further discrediting Musk’s claims and questioning the billionaire’s mental stability.

In past photos, Trump and Jeffrey Epstein seemed to be good friends, moving in the same wealthy circles and bonding over a shared admiration for beautiful women. 

Once seen as close allies during Trump’s 2024 campaign and the early months of his second term, the relationship between the president and Musk has deteriorated rapidly. Musk, who contributed nearly $300 million to support Trump’s election bid, criticized the administration’s flagship tax and spending bill. He labeled the legislation, referred to by Trump as a "big, beautiful bill", as fiscally irresponsible, warning it could deepen national debt and strip millions of their health insurance.

Trump did not take kindly to the criticism. When asked by ABC News whether he was open to reconciliation, he replied, "You mean the man who has lost his mind?" Meanwhile, he told CNN, "I’m not even thinking about Elon. He’s got a problem."

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In a separate interview with Politico, Trump sarcastically said their relationship was "going very well, never done better." According to The New York Times, Trump has privately suggested Musk’s behavior may be influenced by drug use.

The political fallout has been accompanied by economic consequences. Following the feud, Musk’s net worth plummeted by $33 billion, and Tesla shares dropped by 14.2%, wiping out approximately $152 billion in market value. Although the company’s stock rebounded by 6% the next day, the financial hit underscored the volatility surrounding Musk’s public image.

Trump also hinted at retaliating by canceling Musk’s US government contracts. Meanwhile, presidential advisor Steve Bannon escalated the rhetoric by suggesting that Musk, who was born in South Africa, "should be deported from the country immediately."

Broader political implications

Beyond the personal fallout, the Trump-Musk conflict could reshape US political dynamics. Musk floated the idea of launching a new centrist political party that would "actually represent the 80% in the middle." That said, Musk is capable of influencing the outcome of upcoming midterm elections, potentially destabilizing traditional party lines.

The row has implications far beyond politics. NASA has become increasingly dependent on Musk’s company, SpaceX, to ferry astronauts to and from the International Space Station. He initially threatened to decommission the Dragon spacecraft amid the feud, though he later walked back the statement.

Starlink, another Musk venture, plays a crucial role in Ukraine’s military communications amid the ongoing war. The dispute thus casts uncertainty on key technological and geopolitical frameworks involving the US and its allies.

Despite a brief hint at reconciliation when Musk responded to a post by hedge fund owner Bill Ackman calling for unity, White House Chief of Staff Susie Wiles told NBC News that “there are no plans” for a call between the two figures.