Musk, with a total net worth $330 billion in March 2025, he managed to maintain the status of world’s richest man, according to Bloomberg Billionaires Index. The tariff imposed by Trump has sparked criticism and concern from economists.
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Musk’ angry’ at Trump after losing billions
The tech mogul posted a pro-free trade video featuring economist Milton Friedman just as Donald Trump announced steep tariffs on major US trading partners. Elon Musk’s call for a “zero tariff zone” with Europe directly clashed with Trump’s protectionist stance, drawing sharp criticism from White House advisor Peter Navarro.
Peter Navarro accused Musk of prioritizing Tesla’s profits, which drew a mocking reply from Musk. The exchange has sparked speculation about growing tensions between Trump and Musk, with some even suggesting Musk may be edged out of influential policy discussions.
Musk slammed Navarro amid tariff announcements made by President Trump that has spooked the global market. But Elon Musk and Peter Navarro seem to be on a different page after the President announced reciprocal tariffs. While Navarro, a longtime Trump ally and a senior counsellor for trade and manufacturing, backed Trump’s tariff move; Elon suggested a ‘zero tariff zone’. Peter Navarro is seen as one of President Trump’s top advocates of the sweeping tariffs he announced last week that will put hefty duties on most of America’s big trading partners.“The market will find a bottom. It will be soon, and from there, we’re going to have a bullish boom, and the Dow is going to hit 50,000 during Trump’s term,” Navarro said. As of Monday, the Dow Jones stood at 38,314 before the start of trading.ALSO READ: Did Warren Buffett’s decision to sit on $300bn cash pile pay off as 500 richest moguls lose half a trillion dollars?
Elon was quick to call out Peter Navarro by agreeing to a quote by Thomas Sowell that read, “In every disaster throughout American history, there always seems to be a man from Harvard in the middle of it”. This was a potshot at Navarro who holds a PhD in economics from Harvard University.” (sic)
Elon Musk vs Peter Navarro
In an interview with Fox News, Peter Navarro replied to Elon Musk’s remarks. “Elon when he’s in his DOGE lane is great, but we understand what’s going on here” adding “Elon sells cars. He’s simply protecting his own interests,” said Navarro.
Navarro added that Musk’s Tesla supply chain is clearly set to take a huge hit from the tariff regime. He pointed out that while Teslas are made at factories in Texas, “they get a lot of their content from China, Mexico, Japan and Taiwan and elsewhere.”
However, he tried to downplay any beef between him and Musk. “There’s no rift here. Look, Elon, he’s got X, he’s got a big microphone. We don’t mind him saying whatever he wants. But, just, the American people need to understand that we understand, what that’s all about, and it’s fine,” Navarro continued, further suggesting Musk was protecting his personal interests.
As previously noted, Elon Musk recently criticized Peter Navarro, a strong proponent of strict tariffs. Appearing on CNN after the U.S. government’s latest tariff announcement, Navarro defended the policy and spoke proudly of his Harvard education.
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A clip of the interview was posted on X, prompting Musk to respond by mocking Navarro’s academic background. “A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk wrote, adding that it leads to the “ego/brains >> 1 problem.” When another user quoted economist Thomas Sowell—“In every disaster throughout American history, there always seems to be a man from Harvard in the middle of it”—Musk simply replied, “Yup.”
Musk – the world’s richest man, who is CEO of SpaceX and Tesla and the largest shareholder of both firms – has seen his firms face setbacks in recent weeks. In Europe alone, Tesla’s sales have plunged by 49 percent in January and February when compared with the same months in 2024, according to a March 25 report published by the European Automobile Manufacturers’ Association.
Elon Musk’s tariff stance
Last month, Tesla warned the US government that tariffs could harm electric vehicle companies when Trump’s tariff targets impose their own levies on American products.
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In an unsigned letter to US Trade Representative Jamieson Greer, Tesla said: “US exporters are inherently exposed to disproportionate impacts when other countries respond to US trade actions.”
The company added: “Past trade actions by the United States have resulted in immediate reactions by the targeted countries, including increased tariffs on electric vehicles imported into those countries.” On March 26, Trump imposed 25 percent tariffs on car imports and certain automobile parts.
In response to this, Musk wrote on X: “Important to note that Tesla is NOT unscathed here. The tariff impact on Tesla is still significant.”
Musk has been careful about directly criticizing Trump’s tariff push, which has been at the core of the president’s second-term economic agenda. But, he has been critical of tariffs in the past.
“I think you need to be careful with tariffs,” Musk told podcast titan Joe Rogan late last year. “I deal a lot with supply chain issues like the global automotive supply chain for Tesla is incredibly complex. So when there are sudden changes in tariffs … it messes everything up.”
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“You want to have tariffs be predictable so that tariffs can adjust their supply chain,” he added. “I think companies are more than happy to increase manufacturing in America, it’s just that you can’t do it instantly.”
The billionaire tech baron has become a close Trump ally and spearheaded the president’s efforts to root out waste and bloat across the government as part of the Department of Government Efficiency (DOGE).
Musk has helped DOGE as a special government employee, but that status is set to expire by the end of next month. Trump has insisted that Musk “can stay as long as he likes” amid speculation that the White House is planning to say goodbye once the special status expires.
