Trump and Musk Clash Over Subsidies and Spending Bill
U.S. President Donald Trump suggested reviewing subsidies received by Elon Musk's companies to save federal money. Musk criticized Trump's tax bill and proposed a new political party. The tension between Trump and Musk has impacted Tesla's market value and sparked Republican concerns about upcoming elections.
In a recent escalation of their ongoing tensions, U.S. President Donald Trump has accused Tesla CEO Elon Musk of benefiting significantly from government subsidies. Trump suggested that these subsidies should be reviewed in order to cut federal spending.
The comments came on the heels of Musk's sharp critique of Trump's tax-cut and spending bill, which Musk called 'utterly insane and destructive.' Musk has also encouraged the creation of a new political party in response to what he labels excessive government spending.
The clash has not only caused ripples in political circles but has also affected Tesla's market value, resulting in volatile price swings for the electric vehicle manufacturer's stock. This disagreement could also have implications for the Republican Party as it eyes the 2026 midterm elections.
(With inputs from agencies.)
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