Billions of dollars lost in government contracts. A slew of regulatory headaches. These are just some of the ramifications Elon Musk could face over his fallout with U.S. President Donald Trump.

The two men may have personally split, at least for now. But if Trump is seeking to retaliate against the tech billionaire, severing the relationship between Musk's many companies and the U.S. government could prove difficult, analysts say.

"I would say the president has more cards than Musk does, but it doesn't mean that [Musk] doesn't have any," said Peter Hays, a lecturer of space policy and international affairs at George Washington University's Space Policy Institute.

Both sides have "all kinds of leverage on each other," added Dan Grazier, senior fellow and program director at the D.C.-bas

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