Tensions between U.S. President Donald Trump and tech mogul Elon Musk escalated Friday, with Trump bluntly stating that he had “no particular interest” in speaking to Musk, whom he accused of having “lost his mind.”

The remark comes on the heels of Musk’s departure from his role as head of the Department of Government Efficiency (DOGE), and his recent vocal criticism of Trump’s expansive new tax and spending legislation.

During a phone interview with ABC News, Trump was asked about reports suggesting he and Musk were scheduled for a call to ease rising tensions. Brushing it off, Trump quipped, “You mean the man who’s lost his mind?” and added that he wasn’t inclined to talk to him at the moment. According to Trump, it was Musk who wanted the conversation, not the other way around.

The spat began when Musk took aim at the newly passed fiscal package, calling it irresponsible and bloated. In response, Trump threatened to scrap several federal contracts associated with Musk’s companies, defending the bill as a "big, beautiful" win for America. He also accused Musk of throwing a tantrum over the absence of electric vehicle subsidies in the legislation.

Musk reacted tersely on X (formerly Twitter), replying “Whatever” to Trump’s remarks and later posting: “Without me, Trump would’ve lost the election, the Democrats would run the House, and the Senate would be 51-49.”

This public fallout marks a sharp turn in their once-close political alliance. Musk had previously played a key role in Trump’s administration through DOGE, a special unit created to cut red tape and improve government spending efficiency. His term concluded on May 28.

Musk was also a major donor to Trump’s most recent presidential campaign, particularly after the twin assassination attempts against Trump last year.

The dramatic rift appears to have spooked investors. Tesla’s stock plummeted 14% on Thursday, erasing over $150 billion in value. The EV giant’s market cap sank below the trillion-dollar mark, closing at $916 billion — its steepest single-day decline in history.