Elon Musk speaks with U.S. President-elect Donald Trump arsenic they ticker the motorboat of the sixth trial formation of the SpaceX Starship rocket connected November 19, 2024 successful Brownsville, Texas.
Brandon Bell | Getty Images News | Getty Images
Shares of Tesla were nether unit connected Tuesday aft President Donald Trump said successful a late-night societal media station that the national authorities should look into cutting subsidies for Elon Musk's companies.
"Elon whitethorn get much subsidy than immoderate quality being successful history, by far, and without subsidies, Elon would astir apt person to adjacent up store and caput backmost location to South Africa. No much Rocket launches, Satellites, oregon Electric Car Production, and our Country would prevention a FORTUNE. Perhaps we should person DOGE instrumentality a good, hard, look astatine this? BIG MONEY TO BE SAVED!!!" the Truth Social post said.
"DOGE" refers to the alleged Department of Government Efficiency, which Musk led aboriginal successful Trump's medication earlier leaving his authorities relation successful late May
Tesla's banal closed down 5.3% connected Tuesday. Some of Musk's different ventures, including SpaceX and Starlink, are heavy reliant connected authorities argumentation decisions.
Tesla's banal was nether unit connected Tuesday morning.
Trump appeared to reiterate his thought to chopped the subsidies erstwhile speaking to reporters connected Tuesday morning.
"He's upset that he's losing his EV mandate ... but helium tin suffer a batch much than that, I tin archer you. Elon tin suffer a batch much than that," Trump said.
Trump expanded connected his comments again aboriginal Tuesday morning.
"I deliberation what's going to hap is DOGE is going to look astatine Musk. And if DOGE looks astatine Musk, we're going to prevention a fortune. ... I don't deliberation helium should beryllium playing that crippled with me," Trump told reporters.
Musk, who campaigned with Trump successful 2024, has been publically captious of the taxation and spending measure making its mode done Congress. The authorities appears acceptable to chopped authorities enactment for greenish vigor and electrical cars portion raising the projected national deficit, comparative to existent law.
On societal media tract X, Musk responded to a screenshot of Trump's station with "I americium virtually saying CUT IT ALL. Now."
Musk's disapproval of the administration's spending plans appeared to beryllium 1 crushed for a public feud successful aboriginal June, which led to a sell-off successful Tesla's stock. Then, tensions appeared to cool, and Tesla shares had rebounded much than 11% since June 5.
However, the Tesla CEO has started his disapproval of the taxation measure again, and besides taken purpose astatine the Republican Party. On Monday, Musk said connected X that it was "time for a new governmental party that really cares astir the people."
— CNBC's Kevin Breuninger contributed reporting.
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