United States (US) President Donald Trump said on Truth Social on Thursday that he asked Elon Musk to leave the government, while defending the One Big Beautiful Bill:
“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!”
Even further, Trump declared: “Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!”
Market reaction
Tesla shares extend their intraday slump with the news, down roughly 12% on the day as an initial reaction to the headline. But things did not stop there, and TSLA is currently 16% lower, dragging alongise US indexes. The S&P 500 is down 0.50% around the 5,940 mark, while the Nasdaq 100 sheds 0.72% and stands in the 21,560 area.
Feed from Fxstreet.com