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Japan Today
4 days ago
- Automotive
- Japan Today
Musk could lose billions of dollars depending on how spat with Trump unfolds
FILE - Republican presidential nominee former President Donald Trump, left, claps as Tesla and SpaceX CEO Elon Musk prepares to depart after a campaign event at the Butler Farm Show on Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File) By BERNARD CONDON The world's richest man could lose billions in his fight with world's most powerful politician. The feud between Elon Musk and Donald Trump could mean Tesla's plans for self-driving cars hit a roadblock, SpaceX flies fewer missions for NASA, Starlink gets fewer overseas satellite contracts and the social media platform X loses advertisers. Maybe, that is. It all depends on Trump's appetite for revenge and how the dispute unfolds. Joked Telemetry Insight auto analyst Sam Abuelsamid, 'Since Trump has no history of retaliating against perceived adversaries, he'll probably just let this pass.' Turning serious, he sees trouble ahead for Musk. 'For someone that rants so much about government pork, all of Elon's businesses are extremely dependent on government largesse, which makes him vulnerable.' Trump and the federal government also stand to lose from a long-running dispute, but not as much as Musk. The dispute comes just a week before a planned test of Tesla's driverless taxis in Austin, Texas, a major event for the company because sales of its EVs are lagging in many markets, and Musk needs a win. Trump can mess things up for Tesla by encouraging federal safety regulators to step in at any sign of trouble for the robotaxis. Even before the war of words broke out on Thursday, the National Highway Transportation Safety Administration requested data on how Musk's driverless, autonomous taxis will perform in low-visibility conditions. That request follows an investigation last year into 2.4 million Teslas equipped with full self-driving software after several accidents, including one that killed a pedestrian. A spokesman for NHTSA said the probe was ongoing and that the agency "will take any necessary actions to protect road safety.' The Department of Justice has also probed the safety of Tesla cars, but the status of that investigation is unclear. The DOJ did not respond immediately to requests for comment. The promise of a self-driving future led by Tesla inspired shareholders to boost the stock by 50% in the weeks after Musk confirmed the Austin rollout. But on Thursday, the stock plunged more than 14% amid the Trump-Musk standoff. On Friday, it recovered a bit, bouncing back nearly 4%. 'Tesla's recent rise was almost entirely driven by robotaxi enthusiasm," said Morningstar analyst Seth Goldstein. 'Elon's feud with Trump could be a negative.' One often-overlooked but important part of Tesla's business that could take a hit is its sales of carbon credits. As Musk and Trump were slugging it out Thursday, Republican senators inserted new language into Trump's budget bill that would eliminate fines for gas-powered cars that fall short of fuel economy standards. Tesla has a thriving side business selling 'regulatory credits' to other automakers to make up for their shortfalls. Musk has downplayed the importance of the credits business, but the changes would hurt Tesla as it reels from boycotts of its cars tied to Musk's time working for Trump. Credit sales jumped by a third to $595 million in the first three months of the year even as total revenue slumped. Musk's foray into right-wing politics cost Tesla sales among the environmentally minded consumers who embraced electric cars and led to boycotts of Tesla showrooms. If Musk has indeed ended his close association with Trump, those buyers could come back, but that's far from certain. Meanwhile, one analyst speculated earlier this year that Trump voters in so-called red counties could buy Teslas 'in a meaningful way.' But he's now less hopeful. 'There are more questions than answers following Thursday developments,' TD Cowen's Itay Michaeli wrote in his latest report, 'and it's still too early to determine any lasting impacts.' Michaeli's stock target for Tesla earlier this year was $388. He has since lowered it to $330. Tesla was trading Friday at $300. Tesla did not respond to requests for comment. Trump said Thursday that he could cut government contracts to Musk's rocket company, SpaceX, a massive threat to a company that has received billions of federal dollars. The privately held company that is reportedly worth $350 billion provides launches, sends astronauts into space for NASA and has a contract to send a team from the space agency to the moon next year. But if Musk has a lot to lose, so does the U.S. SpaceX is the only U.S. company capable of transporting crews to and from the space station, using its four-person Dragon capsules. The other alternative is politically dicey: depending wholly on Russia's Soyuz capsules. Musk knew all this when he shot back at Trump that SpaceX would begin decommissioning its Dragon spacecraft. But it is unclear how serious his threat was. Several hours later — in a reply to another X user — he said he wouldn't do it. A subsidiary of SpaceX, the satellite internet company Starlink, appears to also have benefited from Musk's once-close relationship with the president. Musk announced that Saudi Arabia had approved Starlink for some services during a trip with Trump in the Middle East last month. The company has also won a string of other recent deals in Bangladesh, Pakistan, India and elsewhere as Trump has threatened tariffs. It's not clear how much politics played a role, and how much is pure business. On Friday, The Associated Press confirmed that India had approved a key license to Starlink. At least 40% of India's more than 1.4 billion people have no access to the internet. Big advertisers that fled X after Musk welcomed all manner of conspiracy theories to the social media platform have started to trickle back in recent months, possibly out of fear of a conservative backlash. Musk has called their decision to leave an 'illegal boycott' and sued them, and the Trump administration recently weighed in with a Federal Trade Commission probe into possible coordination among them. Now advertisers may have to worry about a different danger. If Trump sours on X, "there's a risk that it could again become politically radioactive for major brands,' said Sarah Kreps, a political scientist at Cornell University. She added, though, that an 'exodus isn't obvious, and it would depend heavily on how the conflict escalates, how long it lasts and how it ends.' Associated Press Writer Barbara Ortutay in San Francisco contributed to this report. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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First Post
4 days ago
- Business
- First Post
One reason Elon Musk shouldn't mind being called 'crazy' by Trump
Being called 'crazy' by Trump might be less an insult and more an acknowledgement of Musk's unconventional and unpredictable influence read more Tesla and SpaceX CEO Elon Musk (left) and Republican presidential nominee former President Donald Trump attend a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pennsylvania (Source: AP) US President Donald Trump publicly called Elon Musk 'crazy' on Thursday, intensifying a bitter feud between the two billionaires — one holds the top constitutional post in America, arguably the most powerful office in the world, and the other the richest man on the planet. Their feud is now the talk of the town, though there are signs of thaw, with the White House contextualising their public spat with each preferring their own social media platforms to fire salvos at the other — Musk on X and Trump on Truth Social. STORY CONTINUES BELOW THIS AD Speaking at the White House on Thursday, Trump said , 'I asked him to step down. I rescinded his EV Mandate that compelled everyone to purchase Electric Vehicles that nobody else desired (which he was aware I would do for months!), and he simply went CRAZY!' He further threatened to terminate government contracts for Musk's companies, saying, 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Musk, who had recently stepped down from leading the Department of Government Efficiency (Doge), fired back on social media, accusing Trump of 'such ingratitude' and claiming, 'Without me, Trump would have lost the election, Dems would control the House, and the Republicans would be 51-49 in the Senate.' Musk also alleged that Trump's name appears in the sealed Jeffrey Epstein files, suggesting this was the 'real reason they have not been made public'. This came as the 'real big bomb' that Musk dropped on Trump, signalling an end to their alliance had crumbled under the weight of their respective ambitions and ideas. The Putin parallel: 'Absolutely crazy' yet indispensable Trump's use of 'crazy' to describe Musk echoes his earlier description of Russian President Vladimir Putin as 'absolutely crazy'. Despite this harsh outburst, Trump's dealings with Putin have often been soft marked by caution and a reluctance to impose strong penalties. This contradiction is telling. This conveys that Trump calling someone 'crazy' in political rhetoric does not necessarily preclude cooperation or strategic accommodation. Similarly, Musk's stance on Russia and the Ukraine conflict reveals a complex balancing act. While Musk's SpaceX provides Starlink satellite internet to Ukraine, he has also been criticised for being soft on Russia and for threatening to cut services to Ukraine under certain conditions. This ambivalence mirrors the pragmatic, sometimes contradictory approach Trump took with Putin — publicly critical yet privately conciliatory. STORY CONTINUES BELOW THIS AD Why Musk need not bother Being called 'crazy' by Trump, therefore, might be less an insult and more an acknowledgement of Musk's unconventional and unpredictable influence. Trump himself has used the term to describe powerful figures whose actions disrupt norms and expectations, yet remain central to geopolitical dynamics. Musk's ability to operate in grey zones — continuing his engagements in contentious circumstances, such as his dealings with Russia amid growing pressure to isolate Moscow and Putin, engaging with US political rivals including China, and wielding technological power — positions that make him a key player in a complex global landscape. His 'crazy' label can be seen as recognition of his disruptive role rather than mere disparagement. A badge of unconventional power Musk can wear Trump's 'crazy' tag as a badge of unconventional power. High-stakes politics and business go hand in hand. This is why Trump's labelling someone as 'crazy' actually masks deeper strategic realities. Putin and Musk may go down as quotable examples. Just as Putin's 'craziness' has not diminished his geopolitical importance, Musk's real global influence is likely to remain unchanged despite his streak of controversial actions and statements for quite long. Trump's insult, therefore, could actually be less as a personal attack and more as a reflection of Musk's unique position at the intersection of technology, politics, and global power. The White House statement saying that Musk has every right to speak for his company and that Trump can continue to fight for the country sums up this complex setting quite well. STORY CONTINUES BELOW THIS AD
Time of India
4 days ago
- Business
- Time of India
Donald Trump vs Elon Musk Fight: From bromance to breakup
FILE - Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci, File) One of the problems with watching the Star Wars prequel is that one knows what happens. For example, it's inevitable that Anakin Skywalker would eventually become Darth Vader, turning on his great friend and mentor Obi-Wan Kenobi. The same was apparent to anyone who saw the bromance between Elon Musk and Donald Trump : two oversized egos who forged an unlikely partnership to destroy wokeism and Make America Great Again. And yet, behind the bromance, with Trump loving Elon's rocket landings and Elon praising Trump, the fallout was always coming. The trigger? T rump's Big Beautiful Bill. The Breakout Power Couple If the American republic is a reality show, then Donald Trump and Elon Musk were its breakout power couple. One sold steaks and slogans, the other sold flamethrowers and tunnels. For a moment, they were the tech-and-tantrum axis, the double helix of power and platform. But like all primetime pairings, their arc had a third-act twist—less redemption, more Game of Thrones firestorm. Read: A timeline of the meltdown Act I: From Paris to Palm Beach There was a time, not long ago, when Elon Musk and Donald Trump were on different planets—ideologically, intellectually, and ecologically. Musk publicly distanced himself from Trump during his first term, even resigning from the White House advisory councils in 2017 after Trump pulled the US out of the Paris Climate Agreement. Musk was more Silicon Valley libertarian than nationalist firebrand; Trump, more Rust Belt messiah than Martian coloniser. But politics, like spaceflight, is about trajectory. And in July 2024, after an attempt on Trump's life during the campaign trail, Musk's compass shifted. He endorsed Trump. Loudly. Repeatedly. He became the single largest donor to the Republican campaign with nearly $300 million in funding. SpaceX's Starlink was praised during the campaign, particularly for its potential to provide reliable internet access in rural areas—an area of focus for Trump's second-term infrastructure promises. Behind the scenes, Musk enabled the tech bros to go with Trump, helping to realise the intellectual blueprint associated with Curtis Yarvin. Curtis Yarvin, a Silicon Valley-based political theorist and blogger also known by his pen name 'Mencius Moldbug,' is often credited as a founding intellectual figure of the New Right and the 'neoreactionary' movement. His ideology favours strong executive power and a technocratic elite over liberal democracy—an outlook that resonated with Musk's growing contempt for traditional institutions and love for systems engineering. And with his typical flair for drama, Musk turned what was once quiet admiration into full-throttle political support. Trump responded with the one currency he deals in best: spectacle. I love Donald Trump, as much as a straight man can. Elon Musk Act II: DOGE Days and Rocket Praise Donald Trump and Elon Musk By early 2025, the bromance had been institutionalised. Trump appointed Musk to head the newly formed Department of Government Efficiency—DOGE. If the name sounded like a meme, it was because it was one. Musk, now a cabinet-level bureaucrat with budgetary scissors, had free rein to slash overhead and theoretically save the American taxpayer trillions. Within weeks, he was livestreaming audits, tweeting cost-cutting charts, and posting memes of bureaucrats turned into 'NPCs. ' Meanwhile, Trump basked in the Musk glow. At a Mar-a-Lago fundraiser, he reportedly insisted the band play Space Oddity as a tribute to Musk and mused to guests about how 'those rockets, they're just incredible—beautiful machines.' It wasn't policy. It was pageantry. They travelled together. They went to UFC fights. Musk's son, X Æ A-12, appeared at White House events. For a while, Musk was "First Buddy"—unofficial, unfiltered, and ever online. Act III: Policy Static and Musk's Exit Cracks had begun to show even earlier. One major source of tension was the so-called MAGA Civil War over H-1B visas. In early 2025, Trump's base erupted over what they perceived as a betrayal of the America First doctrine, particularly as Trump's administration floated limited reforms to streamline high-skilled immigration. Musk, a vocal advocate for retaining and attracting top engineering talent from abroad, defended the H-1B program, calling it essential for innovation in AI, automotive tech, and aerospace. This did not sit well with the populist flank of the GOP. Hardline Trump allies began to attack Musk, accusing him of putting corporate interests above American workers. Right-wing influencers branded him a 'globalist Trojan horse,' and social media became a battleground where MAGA's nationalist rhetoric clashed with Musk's techno-libertarianism. Around the same time, the Trump administration introduced a tariff framework designed to penalise countries that subsidised exports into the US—raising concerns among tech companies. Musk, who had publicly criticised similar tariffs in the past, warned they would increase domestic production costs for high-tech manufacturers like Tesla. It made importing components more expensive, while offering no meaningful relief for US-based innovation. undefined The online vitriol was an early signal that Musk's ideological alignment with Trump's base was more fragile than it appeared. But alliances built on mutual flattery have the shelf life of a Tesla's steering wheel. Trouble emerged with Trump's signature 'One Big Beautiful Bill'—a sprawling tax and spending plan. While MAGA world cheered its middle-class tax cuts and deficit reduction promises, Musk bristled at its axe-swinging on clean energy incentives, particularly EV subsidies. Musk wasn't subtle about it. In public posts, he attacked the bill as irresponsible. In private meetings, he warned Republican allies it would hurt American innovation. But most significantly, he realised the bill—and its supporters—no longer needed him. He had gone from insider to inconvenience. In May 2025, Musk stepped down from DOGE. Officially, it was to 'refocus on private ventures.' Unofficially, the writing was on the wall. Act IV: June 5 and the Flameout The final straw came in June, with the subtlety of a SpaceX booster detonation. At a closed-door White House meeting, Trump reportedly voiced his disappointment with Musk's public criticisms. Musk, mid-meeting, fired off posts on X denouncing the bill and reminding the world he had "bankrolled the campaign." He reposted content calling for Trump's impeachment. It was no longer dissent—it was defiance. Trump hit back. He publicly threatened to terminate federal contracts and subsidies for Tesla, SpaceX, and Starlink, claiming it would save "Billions and Billions of Dollars." By day's end, Tesla had lost 14.3% in market value. Musk, in turn, stoked conspiracy fires by suggesting Trump's name might be in the unreleased Epstein files. No evidence. Just thermonuclear innuendo. Act V: Fallout and the Fractured GOP The markets shook. SpaceX's NASA contracts went into limbo. Musk's loyalists cried betrayal. Some Republicans—Thomas Massie, Warren Davidson—sided with him. Most stayed with Trump. Trump pulled Jared Isaacman's NASA nomination, Musk's close friend, just days after the feud began. Peter Navarro and Musk reignited their mutual loathing over tariffs, with Musk publicly calling Navarro "a moron." Then came the money. Musk withheld the final $100 million of his $300 million donation, citing "fiscal betrayal." Trump responded by saying Musk had 'Trump Derangement Syndrome'. The digital divorce was final. Postscript: The Gospel of Ego FILE - Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci, File) In the end, this wasn't just about electric vehicles or deficits. It was about two men who see themselves as the singular protagonists of American destiny—and couldn't tolerate a shared spotlight. Trump wanted a loyal industrialist. Musk wanted a blank cheque. Neither got what they wanted. Now, one controls the levers of state. The other commands the timeline. One speaks from a podium. The other from a rocket. And the rest of America is left scrolling through a billionaire breakup, meme by meme, post by post.
Newsweek
4 days ago
- Automotive
- Newsweek
JD Vance Reacts to Trump and Musk's Public Meltdown
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Vice President JD Vance cracked a joke on social media Thursday about billionaire Elon Musk's bitter feud with President Donald Trump. The Context The war of words between Trump and Musk has intensified GOP fissures at a critical legislative moment, with the fate of the Trump-backed "One Big Beautiful Bill Act" still uncertain as it wends its way through Congress. Musk has repeatedly criticized the bill, calling it "outrageous" and "pork-filled" this week, adding that it's a "disgusting abomination." Trump initially avoided directly addressing Musk but waded into the battle on Thursday, calling his one-time close ally "crazy" and suggesting he has "Trump derangement syndrome." Tesla and SpaceX CEO Elon Musk, from left, President Donald Trump and Vice President JD Vance attend a campaign event at the Butler Farm Show on October 5, 2024, in Butler, Pennsylvania. Tesla and SpaceX CEO Elon Musk, from left, President Donald Trump and Vice President JD Vance attend a campaign event at the Butler Farm Show on October 5, 2024, in Butler, Pennsylvania. Alex Brandon/AP What To Know Vance, who was among Musk's staunchest defenders after Trump took office in January, weighed in on the president's falling out with Musk on X, formerly Twitter, on Thursday evening. The vice president posted a photo of himself sitting next to podcaster Theo Von and wrote: "Slow news day, what are we even going to talk about? @TheoVon." Musk replied to Vance with a laughing emoji. The SpaceX CEO's once-cozy relationship with the president has rapidly disintegrated since the "One Big Beautiful Bill Act" passed the GOP-controlled House of Representatives by a single vote last month. After Musk lambasted the Trump-backed spending package as "outrageous" and suggested that Republicans who voted for it should be ashamed, Trump hit back on Truth Social. "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" the president wrote on Thursday afternoon. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" he added. "Such an obvious lie," Musk responded on X. "So sad." Former White House chief strategist Steve Bannon chimed in, suggesting that Musk's immigration status should be investigated. "They should initiate a formal investigation of his immigration status because I am of the strong belief that he is an illegal alien and he should be deported from the country immediately," Bannon, a longtime Musk critic, told The New York Times. This story is developing and will be updated as more information becomes available.
Yomiuri Shimbun
03-05-2025
- Automotive
- Yomiuri Shimbun
Musk's Next Task? Reviving Tesla in Europe Where Sales Have Plunged by More Than Half in a Year
AP File Photo Tesla and SpaceX CEO Elon Musk walks to the stage to speak at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. NEW YORK (AP) — Tesla sales plunged by more than half last month in several European countries in a sign that Elon Musk could struggle to revive the company after he shifts from his Washington work to running the automaker again. Tesla sales collapsed in April by more than two-thirds from a year earlier in Sweden, the Netherlands and Denmark, according to auto groups and government agencies Friday. Sales at the Austin, Texas, company dropped by 59% in France and 38% in Norway. The countries are not major drivers of sales overall, but they are the first to report April results and thus a foretaste of possible trouble elsewhere as Tesla reels from protests and boycotts over Musk wading into politics. In Germany, where he told voters their country was lost if they didn't vote for a candidate widely derided for her extreme views, sales plunged 62% in the first three months this year. German sales for April are not out yet. Financial analysts covering Tesla are worried about the Musk backlash but caution it's not clear exactly how much to blame politics for the hit. Other factors suppressing sales include Tesla's aging model lineup and new offerings from rival electric vehicles makers, such as China BYD. Tesla also had to shut down factories for several weeks this year while upgrading its best selling Model Y sport utility vehicle, pinching supply. And the company is still waiting for European regulators to approve its partial self-driving features in its cars, a big selling point in the U.S. and China. 'We could see sales come back once they get it,' said Morningstar analyst Seth Goldstein, though he added about the April figures, 'It's never a good thing when you have large sales declines like this.' The disappointing numbers come a little over a week since Musk told investors on a first-quarter conference call that he would be stepping back from his work in Washington as President Donald Trump's chain-saw wielding cost-cutting czar. Musk has shut down whole government departments as head of the so-called Department of Government Efficiency, or DOGE, and thrown tens of thousands of public workers out of their jobs. On the call, Musk said he would be spending only one or two days a week on DOGE work starting in May, acceding to demands that he refocus on his job as Tesla's chief executive officer. The stock has been rising since that announcement despite crumbling financial figures. Profits in the first quarter fell 71%. The sales hit in April was the worst in Sweden, where Mobility Sweden said they fell 81%. That was followed by a 74% plunge in the Netherlands and a 67% drop in Denmark, according to the Dutch trade association BOVAG and Mobility Denmark respectively. The Norwegian Road Traffic Information Council reported a 38% drop in that country. One bright spot: Tesla was able to sell more cars in Italy, according to an Italian Ministry of Infrastructure and Transportation report, registering a 3% gain for the month.
