Musk demoted again! Elon retreats as he loses $1 billion PER DAY under Trump

0:00 This is therefore the final Friday until President Trump hits that big 100 day marker. He's ending another very rough week and a lot of the ingredients that made it so rough, chaotic, and even hellish for the Trump administration were largely of Trump's own making. President Trump marks a 100 days in office next week, but new polling shows voters see little to celebrate. Americans are not buying what Donald Trump is selling them. the polls, you know, they're not extraordinary. He is underwater when it comes to the economy, tariffs, and inflation. It's been one of the worst April since the Great Depression and the most volatile April since the global financial crisis. We saw the markets tanking and blinked. There were a rough couple of days there in the courtroom for the Trump administration. Well, once again today,

0:47 Donald Trump backed down. Once again today, the man who always pretends he never backs down. never backed down big time. That is true as our friend and colleague Lawrence O'Donnell puts it there. And you'll notice in that brief summary I just showed you how this week is playing. We included coverage and reaction from folks across different networks. This is not one of those things that splits into America's sometimes divided perspectives of what do you consume and what do you think and what do you watch? Are you going with your prior convictions as they say? Nope. This is another week that actually in reality exposes the gap between Trump's talk, which of course is part of

1:32 his thing. He knows how to talk. He knows how to command a room. That's what made him a working reality TV host. And at times it made him effective at the campaigning part of politics, right? But unlike reality shows, this week's actual reality proves the gap between talk and action. The stock market continues to slide and move around but ultimately be down about 9% multiple trillions of dollars down because of Trump's tariff policy. White House has been trying to stem the bleeding. Not by saying, "Hey, you're going to get more of what you got in the last 95 days." Quite the opposite. A lot of White House aids are saying, "We promise this is going to end soon. We're going to back down. Donald Trump's going to do less of whatever it is he's been doing on tariffs." Trump's also underwater in the public polling.

2:19 And that's across multiple surveys. Pew, Reuters, Fox News. As we told you, there he is underwater by 11 points. It's a steep and sudden slide from the bravado of Donald Trump's November win. Remember, he was crowing then about overcoming his past problems, which politically he did. I mean, he got more votes, but the problems were also, remember, of his own making. He provided enough criminal evidence to get himself indicted in four different cases. Something that had never happened to any former president a single time. High bar to do that. Now, he was legally presumed innocent. I told you that at the time, but he still provided that much evidence and that usually is a negative. And he overcame that politically. So, the headlines were blaring, you might

3:04 remember, about his comeback and how it's Trump's America. And that, as you see, is the New York Times. It signals a different kind of country, we were told. That was just a couple months ago, y'all. Well, what a difference about a 100 days makes. Trump is on defense now. Elon Musk is chasened, openly talking about pulling back from his DC job duties. And now, today, I can tell you an ancient phrase is circulating in Washington. You might know it from the classic 1958 novel, Things Fall Apart. Shout out Chinoya. You might know it from the Roots album which quoted that same novel Things Fall Apart. It's a phrase that refers basically to circumstances that can seem

3:51 permanent that are even believed collectively to last forever that we share as like this is reality that people take as kind of the framework of life and then those things can just fall apart. So, you kind of know the meaning already. Even if I did the the newscaster thing of maybe overexlaining it, you know what it means when things are a certain way and we're told they're going to be that way and then the things fall apart. And while Trump has benefited from people buying into his PR, the spectacle, the show, and people do think he and Elon Musk in this whole political thing was big and resilient, the Washington Post, taking stock of another Trump hell week is asking, cue the phrase, are things falling apart for Trump? The question is more than fair

4:38 today. Right here, you can see the president departing for the Pope's funeral. that may offer him a break from some of the chaos that he's been reckoning with. If he's traveling over there for the funeral, he won't be available to do another in-person meeting soon. With CEOs warning about empty shells coming to America from Trump's trade war, as he had to do earlier this week, and that news spilled out, it was bad headlines. We can tell you that he won't be around this weekend as more signals and stories show that Elon Musk's loud quick start is really melting into a also quick retreat. Both men, Trump and Musk, say that Elon Musk's duties will continue to shrink. And this comes after Trump already narrowed Musk's role after that cabinet clash meeting. You might recall that was one of the many big stories the first 100 days. This week, Musk tried and failed.

5:25 He was stopped from installing a loyalist inside the Treasury Department. A kind of bureaucratic sign that on one hand is small. I would even argue boring, right? It's just one little thing and one little agency. And yet it also says something that's important based on the boring evidence and I will tell it to you simply those Musk tactics which did partially work say in February storming into the agencies fire first scare people send them nasty emails see who'll quit litigating after some of those tactics worked in the short run in the sense that they got part of where he wanted to go cuz he got rid of some people or he caused the fights he wanted and went forward on his efforts to cut staff and money out of parts of the

6:12 federal government. So, they were kind of working. Well, now they're not working, which is why that boring agency story detail matters because Elon Musk with all of his money in power storming into the cabinet meetings, his relationship with the president. He says, "I I want this one one fellow at IRS." And and they go, "No, no, Elon." And he lost. And this also touches on the economic realm where these other Trump power players have the president's ear because the president's worried about losing billions or trillions more in the markets. And for Trump, that's certainly a political problem. Makes him look bad. It's also supposed to be a governing problem if he cares about people's well-being in the country. But for Elon Musk, it's actually something much more deeply personal. Because it's not just costing Elon Musk millions that

6:58 the Trump trade war and other problems are dragging down the economy. It's not just costing Elon Musk a billion dollars or even billions plural. You hear about a lot of billionaires. Well, most billionaires that we report on and mention, they don't have 10 billion, let alone 50, right? Let me tell you this fact as we end the rough week approaching 100 days. Elon Musk has now lost a staggering 122 billion dollar because Musk's wealth is tied up in Tesla, which has been hammered for a bunch of reasons along with the other companies that are crashing and its net income plunged more than half, plunged 70%. There's also evidence Musk never thought it would get this bad for him or cost him this much.

7:44 He's leaving not only with his reputation wounded. Axios now reports at the end of this tough week, but relationships severed, company in crisis, fortune diminished. Now, as the richest person, Musk has lost more money than most. And we can also ask again as a society in terms of tax policy and how we might how we might write the rules, whether we think anyone should have 10 or hundred billion or $200 billion when other people don't have healthcare and kids still go hungry in our country. That's I guess a story for a whole another night. But yes, Musk lost more cuz he has so much more. But he's not the only one. The tech CEOs who thought they could improve their fortunes quite literally by linking to Trump are finding it was all a bad bet in these first 100 days. Zuckerberg is out over 20B. Bezos, a

8:32 one-time Trump critic, owns the Washington Post and all that. He went towards Trump. He made his deal. He's out over 30b. If they wanted return on investment, they're getting instead losses on losses. And as they tell you in some songs, losses are L's. And you either take them and learn from them. You turn the loss into a lesson, or you risk taking more L's. Some food for thought on this Friday. Now, some of that bluster I mentioned is melting into leaks. Trump allies are turning on each other. You can see headlines here across several different outlets fighting a similar story. The veneer of discipline falling away, the amateurs having a hard time a bit. Then

9:17 there's this grifting and those large stories that I just walked through are sometimes overshadowing these other ones. The grift is continuing on the financial side. Trump's crypto team is now offering publicly, they're not hiding this, that people who put millions into his crypto, meaning he will get a whole chunk of that, probably the majority, although they haven't been very transparent, but people who basically pay him, can then go to the White House and have dinner with him. This puts the old Clinton Lincoln bedroom scandals to shame. The scheme was announced during the tough week during this website, have dinner with President Trump. There's an AI sort of edited image of him there. Crypto investors have bought up to, and these numbers are really striking, but over a hund00 million, reading from this post

10:03 story, this was on the front page of the Washington Post, 27 what they call wallets with more than $8 million in these crypto Trump coins worth about a hundred million. This has boosted the value of Trump's crypto crypto assets himself. They estimate it there. And it's blatantly unethical because you are putting money in a pot to get access to the White House, which is a government building and government activities that you, the taxpayers, support, and access to the president. They admit it. They say you'll get to meet with the president. That is what would be allegedly one half of what could constitute an illegal bribe. Bribery, by the way, not only a felony that can land people in prison, including the forthcoming Democratic, former Democratic Senator Bob Menendez and others. But bribery also is an impeachable offense because if you're a

10:48 judge or a senator or a president and you commit bribery, well, then you can't be trusted to do the job. And it's actually something that you can be removed for, even if you're never convicted of a crime. Now, to be clear, I said allegedly half. The other half is you'd have to commit to a favor in exchange for money. The Post story has this half them basically funneling money not to the president's campaign coffers or a pack but to him through the meme coins but they don't have any reports of to be fair the favor. You just have to ask yourself why would people including potentially foreign business people want to give away not you know $100 for a photograph but millions of dollars unless they did expect something in return. So here we are. No modern president has had an opening 100 days like this. And the big blustery claims from Donald Trump and Elon Musk

11:35 themselves that this was going to be great and the markets were going to go up and the prices were going to go down. Those claims or even as I showed the headlines that don't age well like the New York Times telling us all, "Hey, you live in Trump's America now because he had a great comeback and everybody likes him." All of that has fallen apart in a 100 days.