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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. 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. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s statement could negatively impact Tesla Motors’ stock due to concerns about reliance on subsidies and potential regulatory changes. The Industrial and Technology Select Sector SPDR Funds might experience volatility as investors react to the broader implications for the EV and tech industries. Additionally, Trump’s comments could indirectly affect Virgin Galactic and Rivian, while the iShares MSCI South Africa ETF might see minor fluctuations due to the mention of Elon Musk’s South African origins.
Here are some of the stocks that might be affected:
Tesla Motors ((TSLA)),
Industrial Select Sector SPDR Fund ((XLI)),
Technology Select Sector SPDR Fund ((XLK)),
iShares MSCI South Africa ETF ((EZA)),
Virgin Galactic Holdings Inc ((SPCE)),
Rivian Automotive, Inc. ((RIVN)).