It’s rare for a US president to openly call the world’s richest man “off the rails” and say he is becoming “a train wreck”, but Donald Trump has never been known to hold back his words. His latest attack on Elon Musk, who was once a close friend and also the richest man in the world, shows how much things have changed. What looked like real friendship has now turned into a serious and bitter fight.

The immediate trigger for Trump’s fury appears to be Musk’s announcement that he might launch a new political outfit—tentatively titled the “America Party”—to challenge the entrenched two-party system.

Trump, the ultimate Republican outsider-turned-insider, was quick to dismiss the........

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