Trump hints at rekindled bromance with Elon Musk | Political News

Elon Musk could also be back in President Donald Trump’s good graces after a headline-making falling out.

In an interview with CNBC’s Joe Kernen, Trump talked about Musk and his standing as the world’s first trillionaire. The president, who spoke from the Oval Office, talked about that he thinks Musk will donate SpaceX stock to Trump Accounts and shared that he despatched the Tesla CEO a word to congratulate him.

“I wrote him a note, I said congratulations, very good,” Trump said. “I’ve a superb relationship with Elon.”

The president continued, saying, “Elon and I had a little dispute, because he backed me 100%. He liked me, still likes me, but I did a little thing called the Electric Mandate, we’re not going to have an Electric Mandate where everybody has to have an electric car.”

Trump went on to speculate that Musk would donate SpaceX stock to Trump accounts, like a few other business magnates, including leaders at Micron. “I think he will do that,” Trump said before mentioning that he would be ringing the New York Stock Exchange opening bell from the Oval Office in the coming weeks.

According to the Bipartisan Policy Center, “A Trump account is a type of traditional IRA that can be opened for any child who has a Social Security number, as long as the account is established before the calendar year in which the child turns 18.” The center also notes that “children born during calendar years 2025-2028 who are U.S. citizens are eligible for a one-time $1,000 federal government contribution to their Trump account.”

Less than two weeks after becoming a billionaire, Musk lost that status, according to recent data from Bloomberg.

The Bloomberg Billionaires Index, which is updated daily at 5:30 p.m. Eastern time, valued Musk’s fortune at $957 billion on Tuesday, June 23, down from the $1.11 trillion valuation two weeks before.

The drop followed a sharp retreat in SpaceX and Tesla shares that aligned with a global shift in technology stocks. They broadly tumbled worldwide, fuelled by doubts over the long-term profitability of artificial intelligence. Despite the loss, Musk remains the world’s richest person, and his wealth continues to eclipse that of his nearest rivals.

Musk’s situation is unique. Unlike many other billionaires with varied portfolios, Musk’s wealth is concentrated in Tesla and SpaceX stock. His SpaceX shares account for 80% of his total net worth, so his trillionaire status may be as on-again, off-again as his friendship with the president.

“For a stock like SpaceX, a lot of decision-making may need been emotional and based on the anticipation of large leaps ahead in space exploration and utilization, but investing ought to be one thing handled with clear eyes and endurance, even when such large numbers are concerned,” Danni Hewson, head of financial analysis at AJ Bell, told the BBC.