The relationship between U.S. President Donald Trump and billionaire entrepreneur Elon Musk has publicly deteriorated over criticisms related to a significant proposed spending bill.

In a recent televised address from the Oval Office, Trump expressed disappointment in Musk's remarks about the legislation, which Musk characterized as 'a disgusting abomination' due to its projected $5.8 trillion increase to the U.S. national debt.

During the address, which took place with German Chancellor Friedrich Merz in attendance, Trump remarked, 'I've helped Elon a lot,' indicating a shift in their previously amicable relations.

As tensions escalated, Musk retaliated via social media, asserting that Trump's success in the 2024 presidential election hinged on Musk's support, a claim he reinforced by stating, 'Without me, Trump would have lost the election.' Musk's comments referred to the significant financial backing he provided to Trump's campaign, estimated at around $300 million.

In response to the growing controversy, Musk also intimated that Trump was implicated in the so-called Epstein files, which pertain to the deceased financier Jeffrey Epstein.

The fallout from this dispute has had notable implications for Tesla, Musk's electric vehicle company, with shares plummeting approximately 15% following the public altercation, thereby erasing over $100 billion in market value.

On his social media platform, Trump further implied that he might terminate Musk's substantial government contracts, valued at about $18 billion, if Musk continued to criticize his administration's fiscal policies.

Previously, Musk had been appointed to lead the Department of Government Efficiency (DOGE), a role that lasted just four months.

During that time, he advocated for significant cuts to government spending, including reductions to foreign aid and government job reductions.

However, Musk reportedly experienced growing discontent with the pace of Washington politics, which contributed to his early departure from the position.

In a final push against Musk, Trump expressed that the tech mogul's behavior had grown increasingly erratic and stated, 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts.' This public row showcases not only the fracturing of a high-profile partnership but also raises questions regarding the political leverage held by influential figures in the United States.