Tesla Stocks Fall After Trump Threatened To Deport Musk, Go After His Subsidies
HuffPost
“Tesla investors want Musk to focus on driving Tesla and stop this political angle,” said one Wall Street tech analyst.
Tesla shares dropped more than 5% Tuesday as President Donald Trump threatened to go after subsidies that billionaire Elon Musk’s companies receive from the federal government. Trump also mentioned he’d “take a look” at deporting the Tesla CEO, adding more fuel to their renewed feud.
Musk, who once led the Department of Government Efficiency tasked with making drastic cuts to federal spending, has been an open and harsh critic of Trump’s “big, beautiful bill,” since early June, as the legislation is expected to add at least $3.3 trillion to the national debt.
The billionaire’s hostilities spilled into Monday night, as he engaged in an ugly back-and-forth with Trump, promising to aid in the defeat of Republican lawmakers who voted for the bill.
Musk later went on to further threaten Republicans with the promise to create a third party called “the America Party.” In response, Trump threatened to have the DOGE probe Musk’s subsidies, adding that he would look into deporting his former ally.
“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote on Truth Social Monday night. “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
The software company was alone responsible for more than two-thirds of the S&P 500's drop.
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The first lady was asked on Fox News about a moment involving the president that features in her upcoming documentary, "Melania."
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The Fox News moment went viral on social media for the wrong reason.
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The conservative political commentator also argued that the Trump administration didn't realize how complex the immigration issue would be.