Key Facts
• On July 24, Trump denied claims of targeting Elon Musk’s businesses.
• Trump stated he does not intend to cut government subsidies to Musk’s companies.
• Tesla shares fell 9.5% but later reduced losses to 8.3% by 10:18 AM in New York.
• Tesla’s stock has dropped 18% year-to-date as of July 23.
• Musk criticized Trump’s policies, citing EV subsidy cuts and tariff hikes as challenges.
• Musk warned of tough quarters ahead for Tesla’s automotive and energy sectors.
• Trump emphasized U.S. companies’ success benefits the nation and all citizens.
• The relationship between Trump and Musk has become increasingly strained.
• Musk previously announced plans to form a new political party.
• Trump hinted at ending government contracts and subsidies for Musk’s firms.
Summary
On July 24, former President Donald Trump denied allegations of seeking to harm Elon Musk’s business empire in retaliation for political disputes. Trump clarified on social media that he supports the prosperity of Musk’s companies and all U.S. businesses, emphasizing their success benefits the nation. Following his statement, Tesla shares, which had dropped 9.5%, reduced losses to 8.3%. Tesla’s stock has declined 18% year-to-date. Musk, during Tesla’s earnings report, criticized Trump’s policies, including electric vehicle subsidy cuts and tariff hikes, as significant challenges. He also warned of difficult quarters ahead for Tesla’s automotive and energy sectors. The strained relationship between the two influential figures has drawn attention, with Musk previously announcing plans to form a new political party. Trump, in response, hinted at potentially ending government contracts and subsidies for Musk’s companies.
