Trump vs. Musk: A Rift Over the 'Big Beautiful Bill Act'

President Donald Trump on Thursday criticized Elon Musk, expressing disappointment over the billionaire's opposition to a pivotal tax-cut and spending bill that underpins Trump's agenda. In the Oval Office, Trump acknowledged a once-positive relationship with Musk, noting, "I'm very disappointed in Elon."

The discord stems from Musk's criticism of the bill, particularly its proposed cuts to electric vehicle tax credits. Musk argues that the bill, increasing federal deficits, threatens his sector, positing that his critique stems from the elimination of consumer tax credits for EVs.

The tension, compounded by Musk's past involvement in cost-cutting efforts under Trump's Department of Government Efficiency, has affected Tesla's market performance. Following Trump's remarks, Tesla shares fell nearly 6%, highlighting the broader implications of this political-business divide.

(With inputs from agencies.)