Financial Trade Freedom - Investing and Stock News
  • Investing
  • News
  • Editor’s Pick
  • Economy
  • Stock
  • Investing
  • News
  • Editor’s Pick
  • Economy
  • Stock
No Result
View All Result
Financial Trade Freedom - Investing and Stock News
No Result
View All Result
Home Stock

Trump suggests to cut Musk’s federal contracts, subsidies after public spat

admin by admin
June 5, 2025
in Stock
0
Trump suggests to cut Musk’s federal contracts, subsidies after public spat
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

US President Donald Trump and Tesla CEO Elon Musk’s spat intensified on Thursday as Trump suggested slashing the federal government contracts and subsidies given to Musk’s companies, Tesla and SpaceX.

The discord stems from Musk’s scathing criticism of the new Republican tax bill, prompting a pointed retort from President Trump.

Cutting federal contracts

Trump in his Truth Social account wrote, “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!”

Musk promptly wrote in a social media post, “Go ahead, make my day”.

Tesla CEO then claimed Trump’s name appears in the Epstein files.

Musk was reffering to the files related to late New York Financier Jeffrey Epstein who was accused of sex trafficking underage girls.

Epstein later died by suicide while being detained at a federal prison.

Musk’s Tesla enjoys electric vehicle subsidies from the federal government. SpaceX also receives contracts from NASA and the Pentagon.

SpaceX secured $3.8 billion in federal contracts in the 2024 fiscal year.

Certain Tesla vehicles are also eligible for a tax credit of up to $7,500.

The new tax bill would eliminate the $7,500 tax credit for Tesla vehicles in 2025, seven years ahead of schedule.

According to JP Morgan analysts, this would cause a $1.2 billion hit to Tesla’s full-year profits.

Bloomberg Government data puts the total revenue for SpaceX and Tesla from federal unclassified contracts since fiscal year 2000 at $22.5 billion.

Ugly social media feud

The two formal allies’ public spat began as Musk criticised the “big, beautiful bill,” as termed by Trump.

The world’s richest man said the tax bill would add to the federal deficit and undo all the work done by the Department of Government Efficiency (DOGE).

Trump earlier told the reporters that he was disappointed with Musk’s criticism of the tax bill, and said Musk knew “the inner workings of the bill than anybody sitting here”.

According to Trump, Musk had no problem with the bill and only developed opposition after learning EV tax cut mandate.

Musk responded to this claim through an X (formerly known as Twitter) post.

“False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!” Musk wrote.

Musk also said “Such ingratitude”, saying that without him Republicans and Trump would have lost the 2024 election with Democrats controlling the house and Republicans ruling the Senate.

In a X poll, Musk asked the possibility of creating a new political party that “represents the 80% in the middle”.

Musk also denied the accusation about EV tax mandate cut, saying he didn’t mind the tax cut and added”ditch the MOUNTAIN of DISGUSTING PORK in the bill.”

The Tesla and Space X CEO left the federal government last week, leaving his role at the DOGE after a four-month stint.

Tesla shares were down 14% after the former allies traded barbs against each other.

The post Trump suggests to cut Musk’s federal contracts, subsidies after public spat appeared first on Invezz


Previous Post

Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

Next Post

Why JP Morgan thinks Apple can regain momentum in coming months

Next Post
Why JP Morgan thinks Apple can regain momentum in coming months

Why JP Morgan thinks Apple can regain momentum in coming months

  • Trending
  • Comments
  • Latest
U.S. homebuilders raise alarm over tariffs as sentiment falls to 5-month low

U.S. homebuilders raise alarm over tariffs as sentiment falls to 5-month low

February 19, 2025
Top 4 catalysts for the Dow Jones and S&P 500 this week

Top 4 catalysts for the Dow Jones and S&P 500 this week

May 25, 2025
Here’s why the German DAX index is soaring today

Here’s why the German DAX index is soaring today

May 26, 2025
Denny’s set to close dozens more locations this year, though some openings planned too

Denny’s set to close dozens more locations this year, though some openings planned too

February 16, 2025
FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

0
Amazon ‘anti-union propaganda,’ employee surveillance loom over labor vote at North Carolina warehouse

Amazon ‘anti-union propaganda,’ employee surveillance loom over labor vote at North Carolina warehouse

0
As Joann Fabrics and JCPenney announce store closings, here’s what’s driving the pattern

As Joann Fabrics and JCPenney announce store closings, here’s what’s driving the pattern

0
From tariffs to DOGE, what companies are saying about the impact of MAGA policies

From tariffs to DOGE, what companies are saying about the impact of MAGA policies

0
FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

June 6, 2025
Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

June 6, 2025
Starlink reportedly secures key licence in India, moves closer to launching services

Starlink reportedly secures key licence in India, moves closer to launching services

June 6, 2025
US stocks surge at open: S&P up 0.9%, Dow jumps 400 points

US stocks surge at open: S&P up 0.9%, Dow jumps 400 points

June 6, 2025

    Get Smarter with Your Money – Sign Up for Free Financial Tips!


    Join our community of savvy savers and investors! By signing up, you'll receive weekly emails packed with personalized financial tips, budgeting hacks, and investment strategies tailored to your income level. Take control of your finances today – it’s free and only takes a minute!

    Recent News

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025
    US stocks surge at open: S&P up 0.9%, Dow jumps 400 points

    US stocks surge at open: S&P up 0.9%, Dow jumps 400 points

    June 6, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: FinancialTradeFreedom.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 financialtradefreedom.com | All Rights Reserved

    No Result
    View All Result
    • About us
    • Contacts
    • Email Whitelisting
    • Investing and Stock News
    • Privacy Policy
    • Terms and Conditions
    • Thank you

    Disclaimer: FinancialTradeFreedom.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 financialtradefreedom.com | All Rights Reserved