Tesla shares tumble after Trump says DOGE should look at Elon Musk's subsidies
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Musk, who supported Trump's campaign and also served as an adviser to the White House, has criticized the tax and spending bill the president is pushing.
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July 1, 2025
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Tesla CEO Elon Musk led the so-called Department of Government Efficiency early in President Donald Trump's administration, but left his government role in late May
The billionaire has criticized the Republican's tax and spending bill. "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would bably have to close up shop and head back to South Africa," Trump said on Truth Social
In this articleTSLA your favorite stocksCREATE FREE ACCOUNTElon Musk speaks with U
President-elect Donald Trump as they watch the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas
Brandon Bell | Getty Images News | Getty Imagess of Tesla were under pressure on Tuesday after President Donald Trump said in a late-night social media post that the federal government should look into cutting subsidies for Elon Musk's companies. "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would bably have to close up shop and head back to South Africa
No more Rocket launches, Satellites, or Electric Car duction, and our Country would a FORTUNE
Perhaps we should have DOGE take a good, hard, look at this
BIG MONEY TO BE D. " the Truth Social post said. "DOGE" refers to the so-called Department of Government Efficiency, which Musk led early in Trump's administration before leaving his government role in late MayTesla's stock was down nearly 5% on Tuesday
Some of Musk's other ventures, including SpaceX and Starlink, are heavily reliant on government policy decisions
Stock Chart IconStock chart iconTesla's stock was under pressure on Tuesday morning
Trump appeared to reiterate his idea to cut the subsidies when speaking to reporters on Tuesday morning. "He's upset that he's losing his EV mandate
But he can lose a lot more than that, I can tell you
Elon can lose a lot more than that," Trump said
Watch now7:3107:31President Trump: Elon Musk could lose a lot more than just the EV mandateSquawk BoxTrump expanded on his s again later Tuesday morning. "I think what's going to happen is DOGE is going to look at Musk
And if DOGE looks at Musk, we're going to a fortune
I don't think he should be playing that game with me," Trump told reporters
Musk, who campaigned with Trump in 2024, has been publicly critical of the tax and spending bill making its way through Congress
The legislation appears set to cut government support for green energy and electric cars while raising the jected federal deficit, relative to current law
On social media site X, Musk responded to a screenshot of Trump's post with "I am literally saying CUT IT ALL. "Musk's criticism of the administration's spending plans appeared to be one reason for a public feud in early June, which led to a sell-off in Tesla's stock
Then, tensions appeared to cool, and Tesla s had rebounded more than 11% since June 5
However, the Tesla CEO has started his criticism of the tax bill again, and also taken aim at the Republican Party
On Monday, Musk said on X that it was "time for a new political party that actually cares the people. "— CNBC's Kevin Breuninger contributed reporting
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