By David Simeon
The billionaire feud actually began after Tesla CEO Elon Musk’s public criticism of Donald Trump’s “One Big Beautiful Bill”—the bill which would cut taxes (especially for businesses and individuals), boost government spending in certain areas, and as well try to reduce government waste through a new department called DOGE (Department of Government Efficiency). However, Musk stated that it was a bad deal as the bill would cost about $3 trillion—as a result, not saving as much money as promised.
Elon Musk expressed—”disgusting abomination” and “Debt Slavery Bill.”
Things quickly went south from there, as Donald Trump reiterated by threatening the cancellation of government contracts with Musk’s companies, including Tesla and SpaceX. After which, Musk announced the retirement of the SpaceX Dragon spacecraft and accused Trump of being connected to Jeffrey Epstein files—and the reason the documents remain undisclosed. Trump dismissed Musk as “a man who has lost his mind.” Although the White House is attempting to resolve the issue, Trump has stated he has no plans to speak with Musk, signaling that the feud may persist.
As the billionaire feud persists, it has seen the rise of a new political party in America—led by Tesla CEO Elon Musk—”The American Party,” which may be the welcoming of a new development from the previous two-party system America has operated hitherto. The new development doesn’t end there.
If the bill is passed—which is aimed at stimulating the U.S. economy—this could strengthen the U.S. dollar, putting pressure on the naira and increasing the exchange rate. This would increase the cost of importation. Also, U.S. borrowing to fund the $3 trillion bill could lead to higher global interest rates, forcing Nigeria to seek loans from other countries (costlier foreign loans). And the country could as well say “goodbye” to foreign aid from the U.S., as this would most definitely be cut down.
However, there are still some possible upsides. As productivity increases, this would also increase the demand for raw material—which could potentially benefit Nigeria through higher oil prices or exports of agricultural/raw products. This could also lead to tax breaks and business-friendly policies for the Nigerian diaspora.
The billionaire feud is one that could break or lead the new path for the Nigerian economy. This is dependent on how the Nigerian government utilizes it.
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