President Donald Trump launched a criticism of electric vehicle mandates and Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk on Tuesday, suggesting his former government efficiency advisor’s empire depends entirely on federal subsidies.
What Happened: “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote on Truth Social. “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a fortune.”
The president’s broadside comes amid Tesla’s deteriorating market position and Musk’s ongoing criticism of Trump’s “Big Beautiful Bill,” a nearly 1,000-page spending and tax package. Trump specifically suggested the Department of Government Efficiency (DOGE), which Musk previously headed, should examine billions in subsidies flowing to his companies.
The EV mandate criticism reflects Trump’s campaign promise to roll back former President Joe Biden-era clean energy incentives. “Electric cars are fine, but not everyone should be forced to own one,” Trump stated, emphasizing his consistent opposition predated Musk’s presidential endorsement.
Tesla’s stock has declined amid political controversy surrounding Musk’s government role. His net worth, which peaked at $440 billion in December, dropped to $363 billion following Tesla’s value erosion and vandalism targeting dealerships during his government tenure.
The president’s subsidy criticism carries particular weight given SpaceX‘s reliance on NASA contracts and Tesla’s dependence on EV tax credits.
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