What Happened?
Elon Musk strongly opposed Donald Trump’s proposed “One Big Beautiful Bill Act” (OBBB), criticizing it for violating principles of frugality and being filled with waste. The two engaged in a public feud on social media, leading to a formal breakdown in their political relationship.
The bill has been accused of including substantial subsidies and military spending, contradicting Musk’s achievements in budget cuts during his tenure at DOGE. Musk publicly accused Trump of being ungrateful.
The controversy spilled into the cryptocurrency space, giving rise to the meme coin KBBB, which saw a market value exceeding $50 million in just nine hours, demonstrating the powerful influence of political events intertwined with internet culture.
Musk’s Fallout with Trump Over the OBBB
U.S. President Donald Trump and Elon Musk, once political allies, have officially severed ties over a bill known as the “One Big Beautiful Bill Act” (OBBB). Musk criticized the bill for destroying the budget-cutting initiatives he promoted during his time in the Government Efficiency Department (DOGE), and they exchanged heated words on their respective social media platforms.
This bill, which includes adjustments to taxes and spending, was described by Musk as a “dirty monster” filled with wasteful expenditures. Musk stated that the bill completely contradicts the $180 billion in savings he achieved while leading DOGE and urged the public to call their congressional representatives to express their opposition.
I’m sorry, but I just can’t stand it anymore.
This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.
Shame on those who voted for it: you know you did wrong. You know it.— Elon Musk (@elonmusk) June 3, 2025
DOGE was established after Trump’s election victory, with Musk serving as its first director. During his 129-day tenure, Musk made significant cuts, including to the U.S. Agency for International Development (USAID), claiming a total reduction of $180 billion in government spending. Recently, Trump expressed disappointment over Musk’s strong criticism of the OBBB, implying that their “good relationship” may have come to an end. Musk retaliated on X, stating, “If it weren’t for me, Trump would have lost the election,” and accused Trump of being “ungrateful.”
Foreign media have commented that the OBBB, while nominally an economic stimulus plan, has been criticized for reopening a bottomless pit of waste due to its inclusion of substantial subsidies, local construction, and military spending. Trump also defended the bill at a joint press conference, hinting that Musk’s opposition is due to the bill’s cancellation of subsidies for the electric vehicle and solar industries, impacting Tesla’s interests.
Meme Coin Surge
As the controversy heated up, Trump posted on his social media platform Truth Social, accusing Musk of “going crazy” and threatening, “The easiest way to save money is to terminate Musk’s government subsidies and contracts. I have always been surprised that Biden didn’t do this.” In reality, Musk’s companies, including SpaceX and Tesla, have numerous contracts and subsidy relationships with the U.S. government. To counter Trump’s threats, Musk even announced that SpaceX would immediately decommission its Dragon spacecraft.
Upon this news, Tesla’s stock price plummeted by 14% within hours.
In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately
pic.twitter.com/NG9sijjkgW— Elon Musk (@elonmusk) June 5, 2025
The conflict between Musk and Trump also had repercussions in the cryptocurrency sphere, stimulating the creation of several meme coins. For instance, Musk shared a promotional image from the movie “Kill Bill,” mocking Trump’s bill. This post was seen as an inspiration by the crypto community, leading to the creation of a meme coin named “Kill Big Beautiful Bill (KBBB)” on Pump.fun.
The coin’s market value skyrocketed to $53.12 million in just nine hours, although it later retraced 30% to $36.73 million, still attracting a large number of speculators. One trader invested $91,200 and made a profit of $94,200; another spent $4,599, reaping a profit of $59,700.
KBBB meme coin once again demonstrated the fascinating chemistry between internet culture and political events. This saga is far from over, as the fate of the bill, Musk’s ambitions, and Trump’s next moves are likely to continue influencing the power dynamics in the United States.
Sources: Decrypt, BBC