Billionaire Feud Shakes Markets: Bitcoin & Tesla Plunge

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Hey crypto trailblazer, 👋

This week, the crypto world is reeling from a dramatic fallout between two of its most influential figures: President Donald Trump and tech mogul Elon Musk.

Their public feud has sent shockwaves through financial markets, leading to losses in both traditional stocks and cryptocurrencies. Let’s dive in.

🤝 From Allies to Adversaries: Trump and Musk

The once-strong alliance between President Trump and Elon Musk has unraveled spectacularly. The conflict ignited when Musk criticized Trump's "One Big Beautiful Bill," a tax and spending package he claims would inflate the national deficit and favor fossil fuels over clean energy.

Trump retaliated by labeling Musk "crazy" and threatening to terminate federal contracts with Musk's companies. In response, Musk called for Trump's impeachment and threatened to decommission SpaceX's Dragon spacecraft, a critical component of NASA's operations. These developments have not only strained their relationship, but also raised concerns about the future of U.S. space missions and federal partnerships with Musk's enterprises.

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📉 Market Turmoil: Tesla and Crypto Take a Hit

The Trump-Musk feud has had immediate financial repercussions. Tesla's stock plummeted by 14.3%, erasing approximately $150 billion from its market capitalization.

This marks the largest single-day drop in Tesla's history. The crypto market wasn't spared either; Bitcoin's price dipped to around $101,579, with over $877 million in long positions liquidated across major exchanges. The political drama has indeed heightened investor anxiety.

🧾 Legislative Tensions: The "One Big Beautiful Bill"

At the heart of the dispute is Trump's "One Big Beautiful Bill," a comprehensive tax and spending proposal. Musk has been vocal in his opposition, arguing that the bill would exacerbate the national debt and undermine clean energy initiatives by cutting electric vehicle subsidies, which would adversely affect Tesla. Trump, on the other hand, promotes the bill as a necessary measure for economic growth.

Given Elon’s influence over Congress, it is unclear whether this bill will pass but markets may remain volatile while this uncertainty looms.

Stay epic,

Epic Crypto News Team

DISCLAIMER: This newsletter is for educational purposes only. Nothing here is financial advice. Do your own research before making any investment decisions. Crypto markets are volatile and risky. Only invest what you can afford to lose.