Elon Musk’s stock plummets among Republicans
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Elon Musk’s stock among House Republicans is sinking as the tech billionaire’s crusade against the party’s “big, beautiful bill” and President Trump himself boils over.

Republicans are broadly brushing off the billionaire’s campaign against the legislation, saying it will not have much, if any, impact on the bill’s chances of passing through Congress. Musk’s call for his followers to lobby members against the measure isn’t blowing up phone lines on Capitol Hill. And despite Musk the richest man in the world spending a quarter of a billion dollars to boost the party in 2024, lawmakers are utterly unconcerned about the possibility of the tech mogul opting out of the midterms, or working against them.

Instead, House Republicans are publicly criticizing Musk for how he has approached his political fight against the megabill and personal battle against Trump and openly saying that Musk’s influence with Republicans is plunging just about as fast as Tesla’s stock price did Thursday afternoon.

“I’ve had a lot of love and respect for you for what you’ve done for this country over the last several months, but you’ve lost your damn mind,” Rep. Troy Nehls (R-Texas), a close Trump ally, told reporters of Musk. “You’ve lost your mind. Enough is enough, stop this. I don’t think it’s healthy.”

“Every tweet that goes out, people are more lockstep behind President Trump, and he’s losing favor,” Rep. Kevin Hern (R-Okla.) said of Musk’s influence with Republican lawmakers.

Rep. Jeff Van Drew (R-N.J.) said that the episode “diminishes” Musk’s standing with Republicans.

“He’s extremely bright, my God. I mean SpaceX, Tesla, all that stuff. However, I never saw that he had his finger on the pulse of America and what the American man and woman is thinking,” Van Drew said. “I quite frankly, don’t think he does.”

Rep. Greg Murphy (R-N.C.) suggested that Thursday’s events were a long time in coming: “I don’t think he has the gravitas that he had before.”

The disparaging discourse comes after Musk ratcheted up his criticism of Trump’s Washington in a series of Thursday posts on his social platform X, accusing the president of making “false” statements, claiming credit for the GOP securing a trifecta in November, and backing impeachment for the president, among other comments.

Trump, meanwhile, solidified the public breakup: In his first public comments since Musk called the bill “a disgusting abomination,” the president said, “Elon and I had a great relationship, I don’t know if we will anymore.” Later on, he took to Truth Social to call Musk “crazy” and threaten to terminate the tech mogul’s government subsidies and contracts.

The blowup came after a days-long social media spree by Musk, who officially left the White House last week after months leading the Department of Government Efficiency. Trump has blamed Musk’s opposition to the bill on the inclusion of provisions that would eliminate incentives for electric vehicles, which could adversely impact Tesla.

The tech billionaire particularly raised eyebrows when he made a direct appeal for his followers to lobby Republicans against the legislation in a post on X on Wednesday afternoon: “Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.”

The post got 40 million impressions and 282,000 likes a large amount even for Musk, the owner of the social media platform.

But, as the saying goes, Twitter as the website was once called before Musk renamed it is not real life.

Out of nearly a dozen Republican Capitol Hill offices that spoke with The Hill, ranging from rank-and-file members to leadership, almost none had gotten any calls from GOP-supporting constituents opposing the bill by the afternoon after the Musk post, or callers making references to the billionaire. One office reported one caller who said “kill the bill.”

Even the loudest critics of the bill have no appetite to throw out the measure and start fresh. As party leaders push to get the legislation to Trump’s desk by July 4, lawmakers say there is no time to go back to the drawing board.

“It would be problematic starting at ground zero since it’s taken us about three months to get what we’ve done,” Rep. Andrew Clyde (R-Ga.), who helped sink an initial procedural vote for the bill, said Wednesday. “I don’t know if Elon understands how, the whole process, but I think that the Senate will make it more conservative.”

While Musk’s criticisms of the bill, particularly that it piles on the national deficit, align with the gripes aired by several hard-line Republicans, many of those conservatives are voicing frustration at his decision to start airing criticism after the measure passed the chamber when many of them held their noses and voted for the legislation despite strong qualms a reversal of the consistent support they have offered him in recent months.

Rep. Andy Biggs (R-Ariz.), the former chair of the House Freedom Caucus, took note of Musk standing back while members of the hard-line conservative group went to war against GOP leaders and demanded more deficit reductions in the bill ahead of the vote.

“When there was blistering fire heaped upon them, he didn’t really have much to say,” Biggs said Wednesday. “He’s waiting till now to make the assessments? It’s kind of odd.”

Rep. Eli Crane (R-Ariz.), another member of the Freedom Caucus, echoed that sentiment, openly wishing that Musk had spoken up sooner.

“My issue is why wasn’t he talking about this before the bill, right?” Crane told CNN on Wednesday. “Because those of us that were actually trying to make cuts, we could have used his support. And that actually might have helped us out quite a bit. And that’s what frustrates me.”

Musk also alluded to electoral consequences for Republicans who voted to advance the legislation on Tuesday, posting: “In November next year, we fire all politicians who betrayed the American people.” On Wednesday, he claimed credit for Trump’s win, as well as the Republican majorities in the House and Senate.

But House Republicans, including some who benefited from his war chest in 2024, say they are not concerned about losing out on his cash in the midterms. They are unconvinced he will follow through with spending plans a year from now, and that if he does, that it will be effective. Musk and his groups spent more than $20 million to support the losing candidate in the Wisconsin Supreme Court race earlier this year.

As long as a candidate has Trump’s endorsement, one GOP member said, “you don’t got to worry if Elon spends $5 million.” And in a swing district, “Elon being against you if you are a Republican probably isn’t so bad either.”

And Van Drew noted of Musk: “Nobody elected him.”

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