Investing Business News
  • Politics
  • Business
  • Investing
  • Stock
No Result
View All Result
  • Politics
  • Business
  • Investing
  • Stock
No Result
View All Result
Investing Business News
No Result
View All Result
Home Stock

Trump targets Musk’s subsidies amid escalating feud over ‘Big Beautiful Bill’

July 1, 2025
in Stock
Trump targets Musk’s subsidies amid escalating feud over ‘Big Beautiful Bill’

US President Donald Trump on Tuesday escalated his ongoing feud with Elon Musk by suggesting that the Department of Government Efficiency (DOGE) should investigate the subsidies awarded to Musk’s companies, arguing it could save taxpayers “a fortune.”

The remarks followed renewed criticism from Musk, the world’s richest man, who over the weekend condemned Trump’s sweeping tax-and-spend legislation.

Musk accused lawmakers of betraying their fiscal conservative platforms and vowed to unseat those who supported the bill.

“Elon may get more subsidy than any human being in history, by far,” Trump wrote on Truth Social.

“Without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.”

Trump added that the federal government “should have DOGE take a good, hard, look at this,” referring to the Department of Government Efficiency — a relatively obscure entity within the executive branch, recently thrust into the spotlight due to Musk’s own past involvement in its cost-cutting initiatives.

Tesla shares dropped 5% in Frankfurt trading following Trump’s post, as the public dispute reignited concerns over the stability of Musk’s relationship with federal agencies and potential disruptions to government contracts.

Musk warns of consequences

Musk responded swiftly on his platform X, formerly Twitter, saying: “I am literally saying CUT IT ALL. Now.”

Musk, whose companies include Tesla, rocket and satellite company SpaceX, and Starlink, has repeatedly criticized Trump’s tax-and-spending bill.

On Monday, he said lawmakers who voted for the measure “should hang their heads in shame!” and threatened electoral consequences:

“They will lose their primary next year if it is the last thing I do on this Earth.”

He also renewed his call for the formation of a new political faction, dubbing the existing bipartisan consensus “the PORKY PIG PARTY!!” and accusing both parties of abandoning fiscal discipline.

SpaceX has secured an estimated $22 billion in federal contracts, many of which are long-term agreements with NASA and the US Department of Defense.

Trump’s threat to scrutinize or cut these subsidies could have direct implications for the company’s future operations.

The earlier phase of the Trump-Musk conflict in June triggered a record $150 billion decline in Tesla’s market value in a single trading day, marking the sharpest one-day loss in the company’s history.

While the stock has since recovered, the renewed tensions have introduced fresh uncertainty.

The bill is causing unease

Trump’s latest comments come amid growing Republican unease over the internal rift, particularly with midterm congressional elections looming in 2026.

Musk, who previously donated nearly $300 million to Trump’s re-election campaign and played a prominent role in the DOGE initiative, now appears to be an unpredictable variable.

Although Musk’s actual influence on legislative outcomes remains uncertain, his public attacks are viewed as a potential distraction for Republicans attempting to maintain their congressional majority.

His sharp U-turn on Trump’s spending policies — after years of alignment — highlights the growing fault lines between the party’s pro-business wing and its populist leadership.

As of now, there is no indication that DOGE has launched any formal review of Musk’s federal support.

The post Trump targets Musk’s subsidies amid escalating feud over ‘Big Beautiful Bill’ appeared first on Invezz

Previous Post

Asian markets close higher, tracking Wall Street gains; Kospi strong above 3,000 level

Next Post

Lululemon sues Costco over selling alleged dupes

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent News

    Asian markets close mixed amid caution over US tariffs; Kospi hits 4-year high

    Asian markets close mixed amid caution over US tariffs; Kospi hits 4-year high

    July 3, 2025
    South Africa chrome export tax sparks debate as miners warn of negative impact

    South Africa chrome export tax sparks debate as miners warn of negative impact

    July 3, 2025
    July 2025
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
    « Jun    
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 investingbusinessnews.com | All Rights Reserved

    No Result
    View All Result
    • About us
    • Contact us
    • Home 1
    • Privacy Policy
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investingbusinessnews.com | All Rights Reserved