U-Turn? Donald Trump Wants Elon Musk, His Companies To 'Thrive' In US
After a bitter faceoff with billionaire and his presidential campaign backer Elon Musk, US President Donald Trump has hinted at de-escalation, stating that he wants the Tesla chief and his businesses to "thrive" in the United States.
Trump said he has no intention of annulling the subsidies rolled out to the companies owned by Musk.
"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 U.S. Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before! (sic)," he posted on Truth Social.
"The better they do, the better the USA does, and that's good for all of us. We are setting records every day, and I want to keep it that way," Trump added.
Trump and Musk's relations reached a breaking point last month, after the Tesla and SpaceX owner publicly criticised the "Big Beautiful Bill" spearheaded by Trump that promises a wide range of tax cuts, while cutting down on various subsidies.
After the public spat, Musk went on to announce that he would form his own political party, and its goal would be to prevent the US from "going bankrupt".
Notably, Trump's sweeping legislation has received the US Congress' nod. With its implementation, $7,500 tax credits received for buying or leasing of new electric vehicles will come to a halt from Sept. 30. This is expected to adversely impact Tesla, the top EV manufacturer.
Musk, while addressing Tesla investors on Wednesday, noted that the cut in US government subsidies for the purchase of EVs may result in a "few rough quarters" for the company.
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