American billionaire Elon Musk put on a show on stage with an electric chainsaw made of gold gifted to him by Argentine President Javier Milei. After the cryptocurrency crisis of LIBRA in Argentina, President Milei became the target of opposition in the country.

Advisor to US President Donald Trump, Musk performed at the Conservative Political Action Committee (CPAC) 2025 Annual Meeting near Washington. Posing on stage with a large electric chainsaw made of gold gifted to him by Argentine President Milei, Musk shouted, “This chainsaw is for bureaucracy.” Musk posed multiple times with the gold chainsaw, which was gifted to him to cut excessive bureaucracy in the US administration, and received a great deal of applause from the attendees. Elon Musk shared a photo with the caption “This is a real photo” on his social media account X and made it his profile picture.

President Milei showed support for the cryptocurrency LIBRA and then deleted the post. The value of LIBRA suddenly surged to $4 and then dropped to 50 cents. The opposition accused Milei of fraud, stated that impeachment proceedings would be initiated against him, and he faced dozens of lawsuits for ethical violations. The Argentine stock market crashed, and the peso depreciated.

It was later claimed that the cryptocurrency LIBRA had connections to Melania Trump. The incident was considered the biggest crisis since Milei took office in December 2023.