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Trump Offers Support to Musk’s Car Company in a Surprising Post as Tesla Stock Plunges
UNITED STATES, JUL 24 – President Trump reversed his stance to support Elon Musk’s companies despite prior threats to cut subsidies amid disputes over federal spending and tariffs affecting Tesla.
- President Donald Trump publicly supported Elon Musk's car company on Thursday despite a recent sharp decline in Tesla's stock after poor quarterly results.
- Their support came amid a bitter public feud last month involving threats by Trump to cut Musk's federal contracts and subsidies, which Musk denies exist.
- Tesla reported a 12% revenue drop and 16% profit decline in the April-June quarter as competition increased and incentives waned, while Musk warned of rough quarters ahead.
- Musk said autonomy at scale is expected in the second half of next year and predicted Tesla's economics then will be very compelling, stating, "I would be surprised if Tesla's economics are not very compelling."
- Trump's support suggests reduced tensions and a focus on business growth, though Tesla faces challenges from fading subsidies and competition that could impact its near-term prospects.
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Elon Musk, the billionaire and former head of the White House’s “Department of Government Efficiency,” slapped away an olive branch extended by the president on Thursday, keeping the feud between them alive.Earlier in the day, Trump had taken to his platform, Truth Social, to dismiss what he said was a widespread perception that he plans to “destroy” Musk’s companies by withdrawing “the large scale subsidies he receives” from the government. On …
Coverage Details
Total News Sources56
Leaning Left6Leaning Right8Center21Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 17%
C 60%
R 23%
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