By Bolanle Media Newsroom
Published: June 6, 2025

What began as a powerful alliance between Elon Musk and Donald Trump has erupted into a public political brawl—with implications that stretch far beyond personal ego. From electric vehicle policies to federal contracts, the stakes are massive for both men—and for America’s political and tech landscapes.

The Spark: Musk Denounces Trump’s “One Big Beautiful Bill”

On June 3, Elon Musk publicly condemned Trump’s proposed One Big Beautiful Bill Act, calling it a “disgusting abomination” loaded with “pork-barrel spending.” At the heart of his frustration is the bill’s elimination of electric vehicle tax credits, a direct threat to Tesla’s market advantage.

In a post on X (formerly Twitter), Musk warned that the bill was “a betrayal of innovation” and hinted at launching a new centrist political movement.

Trump Responds: Personal Insults and Threats to Contracts

Trump wasted no time firing back. On Truth Social, he called Musk “mentally unstable,” accusing him of disloyalty and suggesting he’s suffering from “Trump Derangement Syndrome.” He even went further, threatening to revoke SpaceX and Tesla’s federal contracts, which total over \$22 billion.

“He owes everything to me,” Trump posted. “And this is how he repays us?”

The Feud Escalates: Impeachment and Epstein Allegations

In an unexpected twist, Musk alleged Trump’s name appeared in Jeffrey Epstein’s files and called for his impeachment, igniting backlash and fueling conspiracy theories. While there’s no confirmed evidence of Trump in the unsealed documents, Musk’s statement went viral, further deepening the rift. The full video statement was posted on X here.

Financial Fallout Hits Both Camps

This war of words quickly spilled into the markets:

• Tesla stock dropped 15% in a single day, costing the company more than \$100 billion in market value. Musk reportedly lost over \$20 billion personally.
• Trump Media & Technology Group shares dipped nearly 8%, and the MAGA-backed \$TRUMP coin fell by more than 12%.
• Wall Street analysts began speculating that the feud may have long-term consequences for both figures’ business empires and political influence.

Musk Floats a Third Party

On June 5, Musk doubled down with a cryptic but deliberate tweet: “It’s time. A new party for a new future.” While short on details, the post immediately trended, with political commentators suggesting he may launch a centrist political party that could disrupt the 2026 midterms.

Some see this as a move to appeal to fiscally conservative, socially moderate voters disillusioned with both major parties.

What’s Next?

The political implications are still unfolding. Could Musk’s feud fracture the GOP? Will federal contracts be impacted? Will a centrist party gain real traction?

Bolanle Media will continue covering this evolving story—tracking not just the headlines, but what this says about power, loyalty, and the future of American leadership.

Elon Musk, the billionaire CEO of Tesla and SpaceX, has officially ended his high-profile tenure as head of the Department of Government Efficiency (DOGE), marking the conclusion of one of the most ambitious and contentious experiments in recent White House history. Musk’s departure, confirmed by both the White House and Musk himself, comes after 130 days as a “special government employee,” the maximum allowed under federal law.

A Disruptive Tenure Focused on Federal Cuts

Appointed by President Donald Trump at the start of his second term, Musk was tasked with an aggressive mandate: slash federal spending, streamline agencies, and bring Silicon Valley-style disruption to Washington. Under Musk’s leadership, DOGE claimed to have saved $175 billion through a mix of asset sales, canceled grants, regulatory rollbacks, and the reduction of 260,000 federal jobs, though independent reviews found the supporting evidence for many of these claims lacking.

Musk’s approach was unapologetically bold. He pushed for deep cuts across government, including controversial layoffs at sensitive agencies and attempts to consolidate or eliminate entire departments. These moves sparked legal battles, with courts intervening to reverse some layoffs and reinstate employees, especially those in critical national security roles.Musk acknowledged the risks of such sweeping changes, admitting, “We will make mistakes, but we’ll act swiftly to rectify any blunders”.

Mounting Frustrations and a Public Split

Despite his initial enthusiasm, Musk’s frustration grew as he encountered the entrenched realities of federal bureaucracy and political resistance. In recent weeks, he became an outspoken critic of President Trump’s flagship budget proposal, which included large tax cuts and increased defense spending. Musk argued that the plan would worsen the national debt and undermine DOGE’s cost-cutting mission.

His exit was swift and, according to reports, occurred without a formal meeting with Trump, signaling a cooling of their once-close partnership. Musk’s public criticism of White House advisors and cabinet members, including a pointed rebuke of trade advisor Peter Navarro, further highlighted the internal divisions that marked his final days in government.

Legacy and What’s Next

Musk’s time at DOGE leaves a complex legacy. While his drive for efficiency resonated with many Americans wary of government waste, the scale and speed of his reforms led to chaos, controversy, and significant pushback from both within and outside government. Polls suggest that while support for government spending cuts remains strong, Musk’s personal approval ratings declined during his tenure.

With his government service concluded, Musk has indicated he will refocus on his business ventures, particularly as Tesla faces ongoing financial challenges and shifting political winds. President Trump, meanwhile, has vowed that DOGE’s mission will continue, though it remains unclear who will take up the mantle.

“As my time as a Special Government Employee concludes, I want to extend my thanks to President @realDonaldTrump for the chance to minimize unnecessary expenditures. The @DOGE initiative will only grow stronger as it becomes ingrained in government operations.”
— Elon Musk, on X

Musk’s White House experiment may be over, but the debate over his methods and their long-term impact on federal governance is likely to persist well beyond his departure.

The newly passed Trump tax bill is making headlines for introducing some of the most significant tax breaks and policy changes in years. Whether you’re a worker, parent, homeowner, or business owner, there’s a good chance something in this bill will impact your finances. Here’s a clear, detailed breakdown of what’s inside, who benefits, and what you need to know.

1. No Tax on Tips (With Restrictions)

Who Benefits: Workers in industries where tipping is customary (servers, bartenders, hair stylists, taxi drivers).

Key Details:

• Eligibility: Must work in a tipping industry, earn less than $150,000/year, and tips must be paid voluntarily (not as a service charge).
• Cash Only: Only cash tips are eligible (though there’s some debate if credit card tips count).
• Cap: Maximum of $25,000 in tax-free tips per year.

Fine Print:
This change won’t apply to office workers or high earners. For many, the main benefit is being able to report cash tips for things like loan approval, without paying extra tax.

2. No Tax on Overtime Pay

Who Benefits: Employees earning less than $150,000/year who work more than 40 hours a week.

Key Details:

• Deduction: You can deduct the full amount of your overtime pay from your taxable income, making it effectively tax-free.
• Time Frame: Applies to income earned from 2025 to 2028.
• Note: Only a small percentage of workers regularly receive overtime, but for those who do, the savings could be substantial.

3. $40,000 State and Local Tax (SALT) Deduction

Who Benefits: Taxpayers in high-tax states who itemize deductions.

Key Details:

• New Cap: Raises the SALT deduction limit from $10,000 to $40,000.
• Income Limit: Only for those with adjusted gross income under $500,000.
• Must Itemize: You’ll need to itemize deductions instead of taking the standard deduction ($30,000 for most).

Fine Print:
This mostly helps people in states like California, New York, and New Jersey. If your state/local/property taxes are high, this could mean thousands in savings.

4. Deduct Interest on Personal Car Loans

Who Benefits: Buyers of American-made vehicles with loans.

Key Details:

• Deduction: Up to $10,000 in interest paid on a personal car loan can be deducted each year (2025–2028).
• Income Phase-Out: Deduction phases out for singles earning over $100,000 and married couples over $200,000, disappearing entirely at $150,000/$300,000.
• Car Must Be Made in the USA.

Caution:
Don’t take out a bigger loan just for the deduction—only buy what you can afford!

5. $1,000 “Trump Account” for Newborns

Who Benefits: Children born in the U.S. from 2025–2028.

Key Details:

• One-Time Credit: $1,000 per eligible child, deposited into a special account.
• Investment Growth: Money can be invested and used for education, a first home, or starting a business—taxed at favorable rates.
• Unused Funds: If not used by age 31, the account is cashed out and taxed as regular income.

6. Clean Vehicle and Energy Credits Ending

Key Details:

• The $7,500 electric vehicle tax credit and other clean energy incentives will end by 2026.
• If you want these rebates, act fast before they’re gone!

7. Extension of 2018 Tax Cuts and Jobs Act

Who Benefits: Business owners, high earners, and estates.

Key Details:

• Top Tax Bracket: Remains at 37% (was set to rise).
• Business Deductions: 20% pass-through deduction and 100% bonus depreciation for business investments extended.
• Estate Tax: Higher exemption amount continues.

8. Social Security Income Relief

Who Benefits: Retirees collecting Social Security.

Key Details:

• Extra Deduction: $4,000 added to the standard deduction for those on Social Security (phases out above $75,000 single/$150,000 married).
• Not All Income Tax-Free: This shields some, but not all, Social Security income from taxes.

What Does This Mean for You?

• Workers: More take-home pay if you earn tips or overtime.
• Families: $1,000 for each new child, plus potential savings if you itemize deductions.
• Car Buyers: Big deduction if you buy American-made and finance your car.
• Homeowners in High-Tax States: Major relief on state/local taxes.
• Business Owners: Continued access to significant tax breaks.
• Retirees: Extra deduction for Social Security recipients.

Share This!

If you found this breakdown helpful, share it with friends and family—these changes could mean thousands of dollars in savings for millions of Americans. Stay tuned for updates as the bill is implemented and more details emerge!

Have questions about how these changes affect you? Ask below!