I don't see any way Trump decides to spin out Elon from his circle peramnently. Elon has way, way more money than Trump, and if there's one reason Trump respects anyone, that's the reason. If they don't reconcile, it will be because Elon doesn't want to. Despite that his adversary is the actual president of the United States, Elon holds all the cards.
I predict Trump will privately make concessions to Elon to publicly bring him back into the fold, and I further predict those concessions will have a direct impact on the American people.