The world's two richest people, Elon Musk and Jeff Bezos, have clashed over US President-elect Donald Trump. Tesla CEO Elon Musk is one of Donald Trump's most vocal supporters, while Bezos is a critic of Trump.

Tesla and SpaceX stocks will fall

Bezos' Washington Post often publishes articles critical of Trump. Musk has accused Jeff Bezos of claiming that Donald Trump would lose the election, causing the stock of his companies, Tesla and SpaceX, to fall.

Musk posted on Wednesday, "It turns out Jeff Bezos was telling everyone that Donald Trump will definitely lose, so they should sell all their Tesla and SpaceX stocks." On Musk's allegations, the Amazon founder said in a post that these allegations are 100 percent not true. Musk replied with an emoji, "Ok, so I'm right."

America is heading towards bankruptcy: Musk

Elon Musk has warned that the world's largest economy is on the verge of bankruptcy. The Department of Government Efficiency (DOGE), set up by President-elect Donald Trump, said the US government earned $4.47 trillion in revenue during fiscal year 2023 but spent $6.16 trillion, resulting in a deficit of $2.31 trillion.

Concerns of financial instability rise

DOGE, which is to be led by Musk and Vivek Ramaswami, said in a post on X on Saturday that the US debt had risen by $1 trillion in four months, pushing the total debt to more than $36 trillion. Concerns of financial instability have risen.

Announced a plan to cut government spending by $500 billion

"The US is rapidly heading towards bankruptcy," Musk wrote, commenting on data provided by DOGE. To tackle the debt crisis, the Trump administration, which will take office in January 2025, has announced plans to cut government spending by $500 billion via DOGE.

Trump appoints Bessant as Treasury Secretary and DeRemer as Labor Secretary

US President-elect Donald Trump on Friday announced several appointments for top administration positions. He appointed Scott Bessant as Finance Minister, Congress member Lori Chavez DeRemer as Labor Minister and Dr. Janet Nesheiwat as Surgeon General. Scott Bessant is a former money manager of George Soros. He is the founder of hedge fund Square Capital Management. If confirmed by the Senate, he will be the country's first gay Finance Minister. These appointments will be effective on January 20, 2025, when Trump takes oath. The appointees will need to be nominated by the Senate before being sworn in.