Tesla (TSLA) CEO Elon Musk and President Trump continue to throw shade at each other, just days after Musk announced his departure from the Department of Government Efficiency (DOGE). On Wednesday, Musk characterized Trump’s tax and spending bill as a “disgusting abomination,” adding that it would increase the budget deficit to $2.5 trillion. Today, he said that Trump would have lost the election without him and has displayed “ingratitude.”
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Musk Upset about EV Mandate Removal, Says Trump
“Elon’s upset because we took the EV mandate, which was a lot of money for electric vehicles and they’re having a hard time with electric vehicles and they want us to pay billions of dollars in subsidy,” said Trump on Thursday in the Oval Office.
Musk quickly took to X to issue a response: “Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill.”
Trump’s bill looks to increase the debt limit by between $4 and $5 trillion. It will also add $2.4 trillion to U.S. debt over the next 10 years, according to a nonpartisan report from the Congressional Budget Office (CBO). Rising debt could lead to reduced confidence in Treasury assets, resulting in higher yields. That could ultimately draw money away from equities, sending the stock market lower.
TSLA stock is plunging lower on the news and is now below a $1 trillion market cap.
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