This article was originally published by Tyler Durden at ZeroHedge.
Update (0800 ET):
Elon Musk on President Trump this morning:
Musk continued:
* * *
Update (0800 ET):
President Trump on Elon Musk this morning:
* * *
Tesla shares slid in premarket trading in New York following a late-night clash between CEO Elon Musk and President Donald Trump. The feud played out across their respective social media platforms.
“Elon Musk knew, long before he so strongly Endorsed me for president, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. 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.
The president continued, “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 Truth Social post came after Musk slammed Trump’s “Big, Beautiful Bill” on X ahead of the final vote, vowing to launch a new political party, claiming that Republicans and Democrats are merely a ‘uniparty’ operating with a limitless taxpayer-funded credit card.
Tesla has long benefited from the $7,500 EV tax credit, which the BBB plan aims to eliminate. While this move has been widely anticipated, it could ultimately work in Tesla’s favor, hitting rivals like Rivian, Lucid, and legacy automakers far harder, as many still rely heavily on such subsidies to stay afloat.
Tesla shares are down 4% in premarket trading, currently hovering around $303 per share. On the year, shares are down 21%, as of Monday’s close.
As for Trump’s threat about “no more rocket launches, satellites” — referring to Musk’s company SpaceX — good luck following through on that. SpaceX is the reason the U.S. is leading the global space race.
Who’s going to replace SpaceX? Blue Origin… Laughable.
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Why do we even need a space “race”? It’s a ridiculous competition among psychopaths to see who can spend the most billions on something of no value whatsoever.