‘Credit where credit is due’: Musk praises Trump for Israel-Hamas ceasefire efforts in Gaza

The love-hate relationship between Elon Musk and US President Donald Trump has resurfaced once again, with the Tesla CEO now praising his ex-boss over the Gaza ceasefire, which has been accepted by Israel.

In a post on X, Musk said, “Credit where credit is due. President Trump has successfully resolved several serious conflicts around the world."

Credit where credit is due. @realDonaldTrump has successfully resolved several serious conflicts around the world. pic.twitter.com/0EyHHy5Gfo

— Elon Musk (@elonmusk) July 2, 2025

His comments came after Trump threatened to deport Musk and strip federal funds from his businesses. Meanwhile, the Tesla boss has said that he will turn his riches against Trump, mulling a rival political party to challenge Republican lawmakers who vote for the president’s “One Big Beautiful Bill.”

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In reply to a post on his X social network featuring Trump’s deportation comments, Musk said on Tuesday: “So tempting to escalate this. So, so tempting. But I will refrain for now.”

The duo have been engaged in a war of words after Musk’s exit from the Department of Government Efficiency (Doge), with a major showdown last month taking their relationship to an all-time low.

Tesla shares plunge

The row between Musk and Trump has not reflected well on the former’s businesses as Tesla’s shares sank on Tuesday.

Shares of Tesla sank around 5 per cent after Trump said he would consider deporting Musk and directing the Doge to scrutinise the Tesla and SpaceX founder’s government subsidies.

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Musk, a mega-donor to Trump in the 2024 election who headed Doge before leaving Washington earlier this spring, has called for a new political party in response to Trump’s bill.

The row weighs on investor sentiment because “Tesla is extraordinarily popular with speculative traders,” said Steve Sosnick of Interactive Brokers.

“If there’s a big drop in that stock, I do think it sort of hurts the mood of the market.”

Israel-Hamas ceasefire

Trump announced earlier today that Israel has accepted a 60-day ceasefire in Gaza, urging Hamas to do the same.

Trump, in a post on social media, said his representatives had met with Israeli officials about the raging conflict, ahead of Prime Minister Benjamin Netanyahu’s visit to Washington next week.

“Israel has agreed to the necessary conditions to finalize the 60 Day CEASEFIRE, during which time we will work with all parties to end the War,” Trump wrote.

With inputs from agencies