Original Title: Trump's Backyard Catches Fire: Close Ally Musk Turns Against Him, Crypto Company Splits
In the early morning of June 6, Musk and Trump completely tore each other apart. Less than a week after Musk stepped down as the head of the "Government Efficiency Department" (Doge), the two began to expose and attack each other on the X platform. This caused Tesla's stock price to drop by over 15% in a single day, and Trump Media and Technology Group's (TMTG) stock price plummeted by 7.82%. As this "political reality show" reached its climax, internal cracks appeared in Trump's crypto empire.
Presidential Live Mutual Attacks, Global Netizens Watch the Drama
On the morning of June 6, Musk suddenly posted on the social platform X, "It's time to drop a real bombshell: Trump appears in the Epstein files. This is the real reason why these files were not made public. Have a nice day, DJT!"
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This puzzling tweet was Musk's "latest bombshell" in his argument with Trump. A few hours earlier, Trump had just posted on his personal social platform that Musk was making him "bored," "I told him to leave, I canceled the electric vehicle mandate that forced everyone to buy electric vehicles that no one wanted (he knew this was coming months ago!), and then he went crazy!" He continued to post, "The simplest way to save billions of dollars in our budget is to terminate government subsidies and contracts for companies like Musk (Tesla, SpaceX, etc.), and I've always been surprised that Biden hasn't done this!"
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Trump continued to output and claimed that he could win Pennsylvania even without Musk's help. This statement further angered Musk, who posted on the X platform, "Trump is so ungrateful. Without me, Trump would lose the election, the Democratic Party would control the House, and the Republican Party's seats in the Senate would drop from 51 to 49."
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After leaving the "Government Efficiency Department" last Friday, these former "allies" quickly moved towards open confrontation.
The starting point seemed to be Trump's withdrawal of the nomination of Musk's close ally Jared Isaacman as NASA director. Musk directly criticized Trump's proposed "One Big Beautiful Bill Act" on the X platform, calling it "disgusting": "This congressional spending bill full of personal interests and ridiculously absurd is a disgusting disaster," which caused a sensation in American political circles and public opinion.
The "One Big Beautiful Bill Act" is actually a comprehensive legislative plan covering government budget, tax system, debt management, and environmental policies. The bill promises to extend the tax cuts passed by Trump's first administration in 2017 that are about to expire, inject funds for defense spending, and provide funding for large-scale deportation of undocumented immigrants. It is a key tool for Trump to advance his core policy agenda if re-elected.
Musk warned that this bill would push the already massive US fiscal deficit to $2.5 trillion, burdening the American people with unsustainable heavy debt. The plan faced strong opposition from within the party during the House review, and Musk's remarks further reflected broader tensions within the Republican Party about the plan.
Some Republican lawmakers also sided with Musk. US Representative Thomas Massie posted on June 6 that congressional members only knew the contents of the bill on the night it was passed. "The House has a 72-hour rule requiring the bill to be published 72 hours before passage. But the Speaker bypassed this rule through a 'manager's amendment' that rewrote most of the bill's content and added important parts on the night the rule committee passed the bill."
The rift between Musk and the Trump administration had been frequently reported by media months ago. In April, Musk and Bezant argued at the White House entrance, sparking a discussion in American political circles. Trump's ultimate choice to support Bezant's nomination proposal also raised doubts about the relationship between Musk and Trump.
According to media reports, several White House officials privately stated that Musk's sharp remarks caught them off guard, and they didn't expect his public stance to be so tough. Facing Musk's bombardment, White House Press Secretary Levitt responded at a press conference on the afternoon of June 3: "The President has long been aware of Musk's position on this bill. This will not change the President's view. It is a great and beautiful bill. He will persist."
Family Internal Scramble for "Trump Wallet"
On the morning of June 6, another group of "friends and family" around Trump also started fighting. Trump's family DeFi project WORLD LIBERTY FINANCIAL (WLFI) issued a cease and desist order to FIGHT FIGHT FIGHT LLC (the company behind the TRUMP Token). According to market information, the cease and desist order is related to the recently hyped Trump wallet application in the crypto market.
In the early morning of June 4, NFT trading platform MagicEden announced a collaboration with $TRUMP to launch Trump Wallet. As soon as the news came out, MagicEden's token $ME market value rose nearly 30% from $850 million to $1.1 billion within two hours. However, Trump's eldest son, second son Eric, and youngest son Barron subsequently posted to deny any connection to the announcement.
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Despite resistance from multiple "WLFI members," both the TrumpMeme official account and MagicEden team members confirmed the collaboration, leaving people puzzled. The original X account of Trump Wallet has been repeatedly banned by Twitter, and previously, this account was a gold-labeled account under MagicEden. From the website's information, the privacy policy, terms and conditions, and "promotions" are handled by the Slingshot Finance project team acquired by MagicEden two months ago.
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The "Factions" in Trump's Crypto Group
This is not the first time the Trump team has shown an unstable state. During his previous presidential term, the internal team of the Trump administration had great negotiations and changes between different factions, with personnel resignations being commonplace. Trump's crypto empire, like his government lineup, had long sown the seeds of division.
Interestingly, from MagicEden CEO Jack's tweet, he recently attended a dinner with the founder of Slingshot, who was mentioned as being acquired, and this tweet was also reposted by the official account of $TRUMP meme. On June 3rd, the TRUMP Meme official stated that they airdropped 3 different Solana Non-Fungible Tokens to wallets of users participating in the "Dinner with Trump" event, which now seems like a prelude to the "Trump Wallet App" in some form. From left to right: Slingshot founder Clinton Bembry Jr, MagicEden founder Jack, MagicEden Chief Business Officer Chris Akhavan The person planning the $TRUMP dinner in Washington in May 2025 is Trump's long-time friend Bill Zanker, who is the "authorized person" of Fight Fight Fight LLC, the company promoting the $TRUMP memecoin. This company, together with CIC Digital LLC, owns 80% of the Token shares, valued at billions of dollars. Bill and Trump co-authored "Think Big and Kick ASS in Business and Life" in 2007. They also co-founded the crowdfunding website FundAnything in 2013, which Zanker started with his own $1 million but was abandoned a year later. Until 2022, when Bill Zanker proposed the "trump Non-Fungible Token" business concept, they have been collaborating in the crypto field. CIC Digital LLC was established in 2021 by Trump's lawyer John Marion and former advisor Nick Luna. As an affiliate of the Trump Group, it collaborates with Fight Fight Fight LLC to operate the $TRUMP Token website and earn transaction revenue. CIC Digital LLC is responsible for authorizing Trump's name and likeness for Non-Fungible Token projects like Trump Digital Trading Cards. Bill Zanker is considered a key driver of Trump's Non-Fungible Token projects. Magic Eden, as a renowned Non-Fungible Token platform, has previously collaborated with Trump Digital Trading Cards. In March 2024, the Trump card Non-Fungible Token project announced migration to Magic Eden, stating that Magic Eden had "established a dedicated team to assist users in managing Trump digital card collections". Besides Bill Zanker, the community believes David Sacks, chairman of the crypto committee, is also a key player. Known as a PayPal co-founder and Yammer creator, in the crypto world, he is a Solana maximalist and investor in crypto venture capital firm Multicoin. Within days of $TRUMP, $MELANIA, named after Trump's wife, was also issued. Messari founder Ryan Selkis urged Trump to fire personnel recommending the $MELANIA project, citing lack of professional capability and potential economic and reputational damage. Compared to $TRUMP, $MELANIA's launch was more hasty, with incomplete front-end code, uncompressed images, and a website built just a day before launch. Similar to the previous "schedule clash" with $TRUMP and $MELANIA, after MagicEden announced a crypto wallet collaboration, Trump's eldest son stated WLFI would also launch an official wallet. Eric Trump escalated the dispute by sending a series of messages to The New York Times, threatening legal challenges to the "$TRUMP Wallet", despite it being promoted by an account related to Bill Zanker. WLFI was established on September 16, 2024, when Donald Trump announced entering X. The company was founded by real estate mogul Steve Witkoff and his son Zach Witkoff, with Eric Trump and Donald Trump Jr as team members. Since last autumn, the Trump family has initiated multiple crypto projects including American Bitcoin, $TRUMP, $MELANIA, World Liberty Financial, and Trump Media & Technology Group. Recent developments include Truth Social submitting a Bitcoin ETF application, $MELANIA reaching a liquidity provision agreement with Wintermute, and WLFI airdropping 47 USD1 Tokens to token subscribers. At this point, the $TRUMP and Trump Non-Fungible Token teams seem to be gradually distancing themselves from the Trump Group's core circle.
