US President Donald Trump on Thursday went soft on his friend-turned-foe Elon Musk and refuted claims that he intends to dismantle Tesla CEO's business empire by stripping away federal subsidies. Trump, in fact, asserted that he wanted Musk and all American businesses to "thrive like never before."
In a post on Truth Social, Trump addressed growing speculation that he may move to revoke government support for Musk’s companies, including Tesla and SpaceX .
"Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large-scale subsidies he receives from the US government. This is not so!" Trump wrote. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!” he said.
Trump emphasised that the success of private enterprise translates to national success. "The better they do, the better the USA does, and that’s good for all of us," he said, adding that the country is "setting records every day," and he intends to maintain that momentum.
Meanwhile, according to Bloomberg, Musk warned of a hard year ahead for Tesla Inc, adding to the automaker’s woes after reporting one of its worst quarters of the last decade.
The chief executive officer pointed to the pending loss of electric vehicle incentives in the US and the lengthy process of rolling out driverless vehicles, saying it could be late 2026 before Tesla would have "compelling" economics again.
“Does that mean, like, we could have a few rough quarters?” Musk said on Tesla’s earnings call. “Yeah, we probably could have a few rough quarters.”
In a post on Truth Social, Trump addressed growing speculation that he may move to revoke government support for Musk’s companies, including Tesla and SpaceX .
"Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large-scale subsidies he receives from the US government. This is not so!" Trump wrote. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!” he said.
Trump emphasised that the success of private enterprise translates to national success. "The better they do, the better the USA does, and that’s good for all of us," he said, adding that the country is "setting records every day," and he intends to maintain that momentum.
Meanwhile, according to Bloomberg, Musk warned of a hard year ahead for Tesla Inc, adding to the automaker’s woes after reporting one of its worst quarters of the last decade.
The chief executive officer pointed to the pending loss of electric vehicle incentives in the US and the lengthy process of rolling out driverless vehicles, saying it could be late 2026 before Tesla would have "compelling" economics again.
“Does that mean, like, we could have a few rough quarters?” Musk said on Tesla’s earnings call. “Yeah, we probably could have a few rough quarters.”
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