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Elon Musk is used to being heard. He leads some of the world’s most high-profile companies and owns one of the most influential social media platforms: X. Musk, the world’s richest person, is one of US President Donald Trump’s most visible allies. This past weekend, Musk made personal pleas to Trump to halt a sweeping new round of tariffs. But Trump didn’t budge.
According to the Washington Post, Musk’s behind-the-scenes intervention, confirmed by two sources familiar with the exchange, failed to stop the administration’s latest salvo: A 10% baseline tariff on all US imports, with steeper duties on countries like China.
Interestingly, Trump not only ignored Musk’s advice — he escalated. On Monday, the president threatened to slap an additional 50% tariff on Chinese imports, compounding the baseline 10% tax already imposed on all US imports and triggering market turbulence across the globe.
Why it matters
Musk’s campaign wasn’t limited to direct outreach. People in his orbit, including investor Joe Lonsdale, made their own appeals to administration insiders like Vice President JD Vance and treasury secretary Scott Bessent. Lonsdale publicly warned that tariffs would hurt US businesses more than foreign competitors.
Musk’s failed intervention marks a dramatic and very public fracture within Trump’s inner circle. Musk has poured nearly $290 million into supporting Trump-aligned causes and candidates. His inability to influence Trump’s trade play reveals how the president’s protectionist instincts may now eclipse even his most high-profile allies, the Washington Post report said.
It also underscores growing divisions between the business world and Trump’s “America First” trade agenda. While Musk has long opposed tariffs, his recent public campaign—including a pointed video of free-market icon Milton Friedman posted to X—signals a broader rebellion among pro-Trump elites now confronting real economic fallout.
The big picture: Musk had reasons to act
- The world’s 500 wealthiest individuals saw a combined $536 billion wiped out in just two days of stock market trading following Trump’s “liberation day” tariff announcement last Wednesday — the largest two-day drop ever recorded by Bloomberg’s billionaires index.
- Elon Musk alone has lost an estimated $130 billion in net worth so far this year. Still, he holds onto the top spot as the world’s richest person with a fortune of $302 billion, a Bloomberg report said.
- Tesla stock has fallen over 38% this year. Analysts say Trump’s tariffs, coupled with growing backlash to Musk’s political entanglements, are driving down Tesla demand in key markets like China and Europe. Dan Ives of Wedbush Securities — long a Tesla bull — downgraded the company’s target price to $315 from $550, citing a “brand crisis tornado that has now turned into an F5 tornado.”
- “Tesla has essentially become a political symbol globally,” Ives wrote, warning that Musk’s identity is now inseparable from the headwinds facing his company, the WaPo report said.
- During a virtual appearance at a far-right Italian political conference, Musk called for a “free trade zone” between the US and Europe, adding, “both Europe and the United States should move ideally… to a zero-tariff situation.”
- Musk also suggested liberalized immigration between the US and Europe, stating, “That has certainly been my advice to the president.”
What they’re saying
- Musk has not minced words—online or off. In a series of X posts, he attacked Peter Navarro, Trump’s top trade adviser, ridiculing his academic background: “A PhD in Econ from Harvard is a bad thing, not a good thing.” In a now-deleted post, he went further, saying Navarro “ain’t built s—.”
- Navarro declined to comment directly on Musk’s criticisms, but later told CNBC that Musk’s views were seen within the administration as “those of a car assembler,” not a trade strategist. “He is a car person,” Navarro said. “That’s what he loves.”
- Kimbal Musk, Elon’s brother and fellow Tesla board member, added fuel to the fire, writing on X: “Who would have thought that Trump was actually the most high tax American President in generations? Through his tariff strategy, Trump has implemented a structural, permanent tax on the American consumer.”
- Wedbush analyst Dan Ives, a longtime Tesla bull, sounded the alarm: “Tesla has essentially become a political symbol globally … and that is a very bad thing for the future of this disruptive tech stalwart and the brand crisis tornado that has now turned into an F5 tornado.” Ives slashed Tesla’s price target from $550 to $315.
Zoom in: Wall Street has joined the revolt
- JPMorgan Chase CEO Jamie Dimon wrote that Trump’s tariffs “will likely increase inflation and are causing many to consider a greater probability of a
recession .” - Hedge fund manager Bill Ackman called them an “economic nuclear winter.”
- Billionaires Stan Druckenmiller, Ken Fisher, and Larry Fink all voiced concerns about the
trade war ’s impact on investment and global market stability. - On Capitol Hill, some GOP senators are feeling the heat. Senator Ted Cruz, a vocal Trump supporter, labeled the tariffs a “massive tax increase” on American consumers and warned of “enormous risks.” Cruz called Musk “one of the angels” trying to steer Trump toward a more balanced trade strategy.
Between the lines
Musk’s opposition to tariffs is not new. Tesla filed a lawsuit during Trump’s first term to challenge tariffs on Chinese imports. At the time, Musk vacillated between backing the lawsuit and distancing himself after right-wing criticism accused him of aligning with China.
Still, his public pivot this time feels different. Musk appears willing to risk his status inside the Trump camp to oppose what he views as bad economic policy. His appeals to Friedman’s free-trade ideology and repeated calls for zero tariffs suggest a deeper philosophical divide with Trump’s economic nationalism.
Some insiders say Musk believed Trump might be open to negotiation, particularly if economic data worsens or the stock market slides further. That may explain Musk’s later attempt at a more conciliatory tone, endorsing an X thread from the US Trade Representative about unfair global trade practices. “Good points,” Musk wrote.
What’s next?
Musk’s days inside the administration may be numbered. He is expected to depart his DOGE post in the coming weeks. Meanwhile, other business leaders are quietly organizing a coalition to lobby Trump officials for more moderate trade policies. Treasury secretary Bessent hinted over the weekend that some tariffs could be part of a broader negotiating tactic.
Still, Trump shows no sign of retreat. He’s threatened to veto bipartisan legislation that would limit his unilateral tariff powers. The White House remains publicly united: “When [Trump] makes a decision, everyone rows in the same direction to execute,” said press secretary Karoline Leavitt.
The bottom line
Musk made a personal, political, and ideological bet that he could steer Trump off the tariff cliff. He lost—at least for now. The failed effort underscores the limits of even the most powerful insiders when clashing with Trump’s instincts. And with the global economy hanging in the balance, the costs of that loss could be just beginning.
If Musk can’t stop Trump…
What makes Musk’s failure so striking isn’t just the scale of his wealth or influence. It’s that if a megadonor, top adviser, and media empire owner can’t change Trump’s mind, it’s unclear who can.
For now, the billionaire revolt is real but disjointed. Some are posting. Some are calling senators. Some are just hoping it all passes.
But with Musk’s own fortune on the line — and with Tesla’s brand increasingly politicized — the fallout from this failed intervention may just be getting started.
(With inputs from agencies)
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