Good Thursday afternoon. Today's newsletter, edited by Sam Baker, is 424 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

President Trump and Elon Musk are in the middle of a very nasty, very public breakup.

• ⏱️ Today's drama started in the Oval Office, where Trump met with German Chancellor Friedrich Merz.
• "I'm very disappointed in Elon," Trump told reporters in his first public comments about Musk's social media tirade against his "big, beautiful bill."
• "Whatever," Musk quickly replied on X.