Tesla (TSLA) is taking a tumble after the EV company reported its earnings with automotive revenue falling by 16% year-over-year. In addition, the federal EV tax credit is set to expire on September 30 while Tesla’s regulatory credits are at risk from President Trump’s tax and spending bill.
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“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,” said Trump on Thursday. “This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”
Trump Shifts Stance Toward Musk
Trump added that the better Musk’s businesses perform, the better it is for the U.S. economy. His statement marks a sharp contrast to a few weeks ago when he threatened to cut subsidies and government support for Musk’s companies.
According to TipRanks’ Trump Dashboard, Tesla, Virgin Galactic (SPCE), Rivian (RIVN), and two other stocks will likely be affected by his post.
