Elon Musk at a media conference with US President Donald Trump in the Oval Office of the White House in Washington. AFP
Elon Musk at a media conference with US President Donald Trump in the Oval Office of the White House in Washington. AFP
Elon Musk at a media conference with US President Donald Trump in the Oval Office of the White House in Washington. AFP
Elon Musk at a media conference with US President Donald Trump in the Oval Office of the White House in Washington. AFP

'Disgusting abomination': Elon Musk blasts Trump's 'big, beautiful' bill


Sara Ruthven
  • English
  • Arabic

Elon Musk condemned US President Donald Trump's "big, beautiful" bill on Tuesday, calling it a "disgusting abomination", days after he left the administration.

The world's richest person described the tax and policy bill as a "pork-filled" endeavour that will add hundreds of billions to the deficit.

"Shame on those who voted for it: you know you did wrong. You know it," he wrote in a post on his social media platform X. "It will massively increase the already gigantic budget deficit to $2.5 trillion and burden American citizens with crushingly unsustainable debt."

The bill, which is heading to the Senate after passing the House of Representatives, includes tax cuts – particularly for the wealthiest Americans – the elimination of taxes on tips and overtime, and the expansion of the Child Tax Credit. But it also includes major cuts to Medicaid and Supplemental Nutrition Assistance Programme benefits, which provide assistance to millions.

Mr Musk officially took his leave of the Trump administration last week after advising the President for several months on cutting government waste.

Through the Department of Government Efficiency, or Doge, Mr Musk slashed tens of thousands of federal jobs. He also effectively closed down the US Agency for International Development amid a wider government foreign assistance freeze, saying it was "beyond repair".

During Mr Musk's final media conference in the Oval Office, Mr Trump said his adviser will be "going to be back and forth".

“I have a feeling it's [Doge] his baby, and I think he's going to be doing a lot of things, but Elon's service to America has been without comparison in modern history," he said.

Mr Musk said his team slashed $160 million in spending, although he had promised $2 trillion in savings when he began his tenure as a "special government employee".

“I'm confident that over time, we'll see $1 trillion of savings and reduction in a trillion dollars' of waste,” he added.

The specs: 2018 Mercedes-AMG C63 S Cabriolet

Price, base: Dh429,090

Engine 4.0-litre twin-turbo V8

Transmission Seven-speed automatic

Power 510hp @ 5,500rpm

Torque 700Nm @ 1,750rpm

Fuel economy, combined 9.2L / 100km

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Kandahar%20
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

BANGLADESH SQUAD

Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: June 03, 2025, 7:37 PM