California Governor Gavin Newsom is not a fan of the Trump administration's idea to put the president's face on a $250 bill. So he decided to one-up them with a joke of his own—a "$1 trillion bill" featuring himself and Elon Musk.
On Thursday, Newsom's official press office posted on X (formerly Twitter) an image of a comically oversized trillion-dollar note. The caption read: "Introducing the $1 trillion bill featuring Governor Gavin Newsom and bff Elon Musk! As everyone knows, Elon and his companies would be nothing without California's subsidies, generous corporate incentives, talent pool, and manufacturing base!"
It's a pointed jab at both Musk and the Trump administration. Newsom and Musk have a well-documented feud. The governor has called the Tesla CEO one of the biggest "disappointments" and argued that California's favorable regulatory environment was key to Musk's success. Musk, for his part, has criticized Newsom over the state's high-speed rail project (alleging fraud) and a proposed one-time tax on billionaires.
The mock bill is a direct response to the Trump administration's announcement that it's exploring a $250 bill featuring President Donald Trump. Treasury Secretary Scott Bessent said during a press briefing that the Treasury is preparing in case a bill in the House passes that would allow living persons to appear on currency. Rep. Joe Wilson (R-SC) introduced legislation to "amend the Federal Reserve Act to require the Secretary of the Treasury to print $250 Federal reserve notes featuring a portrait of Donald J. Trump."
Newsom's post is clearly sarcastic, but it underscores a real tension: California's role in nurturing the tech and manufacturing giants that Musk now leads. Tesla and SpaceX both have deep roots in the state, benefiting from its talent pool and incentives—even as Musk has increasingly moved operations to Texas.
Meanwhile, Trump's approval rating has slipped to 39%, according to a new Emerson College poll—a record low for his second term, which began in January 2025. That might explain why the administration is leaning into symbolic gestures like the $250 bill.
Whether the $250 bill or Newsom's trillion-dollar joke ever become reality is another story. But for now, the California governor has made his point: he thinks Musk and Trump both owe a lot to the Golden State.
