Latest news with #EVMandate
Time of India
10 hours ago
- Business
- Time of India
Elon Musk loses $12 billion in a single day amid renewed tensions with Donald Trump; Tesla analyst says ‘This BFF situation has now turned into….
Elon Musk lost $12 billion in a single day following a clash with US President Donald Trump . According to Forbes , Tesla shares fell more than 5% on Tuesday - July 1 as Trump suggested that government subsidies to Musk's companies, including both Tesla and SpaceX , should be reviewed and possibly eliminated by the DOGE – the federal cost-cutting body. As per the report, Musk's $12 billion loss is the largest single-day drop among all billionaires. Despite the decline, Musk remains the world's richest person with an estimated net worth of $395 billion—still $130 billion ahead of Oracle founder Larry Ellison . Wedbush analyst Dan Ives commented on the growing feud, writing in a note to clients: 'This BFF situation has now turned into a soap opera that remains an overhang on Tesla's stock.' Feud with Trump sparks Tesla shares decline Tesla stock's sharp fall was sparked by Trump's latest post on Truth Social, where he claimed Musk's companies have received 'more subsidies than any human being in history' and called for the Department of Government Efficiency (DOGE) to investigate the funding. Trump further said that Musk might have to 'head back home to South Africa' if the subsidies were removed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The feud between Trump and Musk reignited after the tech billionaire criticized Trump's new federal spending bill. So much so that he threatened to create a new political group, calling it the 'America Party,' if the bill is passed by the Senate. Trump responded by questioning Musk's loyalty and criticizing electric vehicle mandates, which he called 'ridiculous.' Elon Musk knew, long before he so strongly Endorsed [sic] 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,' the president wrote on Truth Social. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
13 hours ago
- Automotive
- Yahoo
Trump Unleashes His Most Menacing Threat to Elon Musk Yet
Donald Trump has reignited his simmering feud with Elon Musk with a vengeance, warning that the billionaire might have to 'head back home to South Africa' if government subsidies dry up. The president retaliated after the billionaire Tesla and SpaceX CEO went on a posting spree against Trump's so-called 'big, beautiful bill,' railing against the trillions it would add to the national debt as the Senate debates its fate. 'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,' Trump posted on Truth Social in the early hours of Tuesday morning. 'It is ridiculous, and was always a major part of my campaign.' Trump's bill would scrap the electric vehicle tax credit, a change that could hit Tesla's bottom line. Trump also hinted at yanking government contracts for SpaceX and its satellite arm, Starlink. '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,' he wrote. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' And then, the kicker: Trump suggested that the Department of Government Efficiency, the cost-cutting agency Musk infamously spearheaded until the end of May, could set its sights on the billionaire himself. 'Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!' he wrote. Musk posted multiple times on X shortly after Trump's late-night missive, but didn't directly address the feud. In one post, Musk said he'd donate to re-elect congressman Thomas Massie, a Republican opponent of the bill whom Trump is actively trying to unseat. In another, he wrote, 'Hitting the debt ceiling is the only thing that will actually force the government to cut waste and fraud.' He also posted a cryptic hugging-face emoji without comment about an hour after Trump's blast. Trump had, on Sunday, told Fox News' Maria Bartiromo that Musk is a 'wonderful guy' but 'I haven't spoken to him much.' 'But he got a little bit upset, and that wasn't appropriate,' Trump said, suggesting that Musk was disappointed about the electric vehicle tax credits. At the height of their public feud in early June, Trump wrote on social media that 'the easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's government subsidies and contracts.' Musk and Trump had seemingly cooled off in the weeks since the explosive end to their bromance, but Musk has upped the ante this week. 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!' Musk wrote on X on Monday. Musk said he would work to primary any lawmaker who campaigned on reducing government spending but votes to pass the megabill. 'They will lose their primary next year if it is the last thing I do on this Earth,' he wrote. Musk's posts put competing pressures on Republican members of Congress. Trump has threatened to support primary challengers of lawmakers who oppose the legislation. Shortly before targeting Musk, the president urged Republicans to pass the bill, as senators slogged through a late-night vote-a-rama on amendments. 'Republicans, the One Big Beautiful Bill, perhaps the greatest and most important of its kind in history, gives the largest Tax Cuts and Border Security ever, Jobs by the Millions, Military/Vets increases, and so much more,' Trump wrote on Truth Social. 'The failure to pass means a whopping 68% Tax increase, the largest in history!!!' he added. Trump has cited that figure before, but there's no credible analysis to suggest that would be the case.
The Hill
a day ago
- Automotive
- The Hill
Trump and Musk are fighting again
The Big Story President Trump and his onetime ally Elon Musk are at each other's throats once again, after winding down tensions last month following their public blowout. © Evan Vucci, Associated Press Musk renewed his calls Monday for a new political party as he lodged sharp criticism against Trump's megabill as the Senate sought to move toward a final vote on the reconciliation package. 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country — the PORKY PIG PARTY!!' Musk wrote on his social platform X. 'Time for a new political party that actually cares about the people,' he added. The tech billionaire, whose close relationship with Trump quickly devolved into a public clash last month, has blasted Trump's 'big, beautiful bill' as 'utterly insane' and 'political suicide' for the GOP. Amid his tiff with Trump, Musk had previously launched a poll asking X users whether the country needed a new faction for political nominees; he then floated the idea of 'The America Party' to 'represent the 80% in the middle.' Musk, before stepping away from the White House last month, was the head of Trump's Department of Government Efficiency (DOGE), spearheading massive cuts and sweeping changes to the federal government. Meanwhile, Trump on Tuesday suggested that DOGE could take a 'good, hard, look' at the tech mogul's companies and the extent to which they've benefited from environmental tax credits, many of which are set to be cut in the president's tax and spending bill. 'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,' Trump wrote on Truth Social shortly after midnight Tuesday. '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,' he continued. '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,' the president added. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' Read the latest about Trump and Musk's feud here and here. Welcome to The Hill's Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will be impacting the tech sector now and in the future: Judge rejects Apple's bid to dismiss DOJ antitrust case A federal judge on Monday rejected Apple's request to dismiss the Department of Justice's (DOJ) antitrust case against the iPhone maker in an early win for the agency. U.S. District Judge Julien Xavier Neals denied the effort by the tech giant to throw out the case, which accuses Apple of monopolizing the smartphone market by creating barriers to move outside of its ecosystem. Apple argued the DOJ failed to properly … Tesla shares slump in early trading as Musk-Trump feud reignites Tesla stock tumbled Tuesday as founder Elon Musk continues to feud with President Trump over the pending GOP spending package. Republicans have proposed a series of rollbacks in the bill, including a strike to electric vehicle (EV) credits, which could roil Tesla's profits. The company's stock dropped by almost 6 percent in early trading Tuesday, according to The Associated Press. Wedbush Securities analyst Dan Ives said Tuesday … Utah accuses Snapchat of designing algorithm addictive to children Top Utah officials are suing Snap Inc., which owns the social media platform Snapchat, and accusing it of creating an algorithm that makes the app addicting to children, as well as enabling the illegal sales of drugs and sexual exploitation. Republican Gov. Spencer Cox and state Attorney General Derek Brown filed the lawsuit Monday, saying Snap 'profits from unconscionable design features created to addict children … Greene touts removal of AI provision from GOP megabill as 'huge win for federalism' Rep. Marjorie Taylor Greene (R-Ga.) cheered the Senate's decision Tuesday to remove a provision from Republicans' sweeping tax bill that would have barred states from regulating artificial intelligence (AI), calling it a 'huge win for federalism.' Despite initially voting for the House version of the bill containing the AI moratorium, Greene has since become a vocal opponent of the measure, arguing it violates states' rights. … {{if !contains( Report')} {/if}}{{if !contains( Report')} {/if}} The Refresh News we've flagged from the intersection of tech and other topics: Crypto Corner Circle applies for national bank charter © AP Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington. Stablecoin issuer Circle is hoping to secure a national bank charter, as Congress moves closer to passing federal regulations for the dollar-backed digital tokens. The crypto firm announced Monday that it has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank called First National Digital Currency Bank, N.A. It would follow in the footsteps of Anchorage Digital, which is currently the only crypto firm to have secured such a charter. 'Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,' Circle co-founder, chairman and CEO Jeremy Allaire said in a statement. The company said in a press release that the move would strengthen the infrastructure that supports its stablecoin USDC and allow the firm to hold digital assets for institutional customers. It would also help the stablecoin issuer meet requirements laid out in the GENIUS Act, which seeks to establish a regulatory framework for payment stablecoins. The legislation passed the Senate last month but has yet to be taken up by the House. President Trump has urged House lawmakers to quickly get the bill across the finish line and to his desk, stymeing efforts to tie the stablecoin legislation to a broader crypto framework. House lawmakers have suggested they plan to consider crypto legislation next week, after Congress wraps up its work on Trump's tax and spending bill. In Other News Branch out with other reads on The Hill: Homan: DOJ needs to 'look' at CNN's ICE reporting Tom Homan, President Trump's border czar, criticized CNN for its reporting on a new app that allows users to track and try to avoid immigration officials in response to heightened Immigration and Customs Enforcement (ICE) raids across the country. 'It's disgusting,' Homan said during an appearance on right-wing commentator Benny Johnson's internet show. 'I can't believe we live in a … What Others are Reading Two key stories on The Hill right now: 5 takeaways as Senate ships Trump's megabill to House Senate Republicans endured a 26-hour slog before finally passing President Trump's ambitious tax and spending package early Tuesday afternoon, putting … Read more House conservatives threaten floor revolt over Trump megabill A handful of hard-line House conservatives are threatening to tank a Wednesday procedural vote for the party's reconciliation bill, a revolt that would … Read more You're all caught up. See you tomorrow!
Yahoo
a day ago
- Business
- Yahoo
Trump Teases Deporting Elon: ‘We'll Have to Take a Look'
As Elon Musk continues to bash the Republican reconciliation bill, President Donald Trump is threatening consequences against the man who dumped hundreds of millions of dollars into his 2024 campaign, and who just months ago was effectively operating as his co-president. Musk's opposition to the bill led to an explosive war of words between him and Trump last month. The Tesla billionaire renewed his criticism this week, writing on Monday that if 'this insane spending bill passes,' he would form his own political party, the 'America Party,' the next day. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE,' Musk wrote. Musk added that he would ensure that every member of Congress who 'campaigned on reducing government spending and then immediately voted for the biggest debt increase in history' would 'lose their primary next year if it is the last thing I do on this Earth.' In a Truth Social post early Tuesday morning, Trump blamed Musk's outburst on his administration's move to revoke state-level electric vehicle mandates, which heavily benefit electric car companies like Tesla. '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,' the president wrote. 'Elon may get more subsidies 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.' The president added that 'perhaps we should have DOGE take a good, hard, look,' at Musk's companies and government contracts because there was 'BIG MONEY TO BE SAVED!!!' While speaking to reporters before heading to Florida hours later, Trump was asked if he was going to deport Musk. 'I don't know, we'll have to take a look,' the president mused, adding that the administration 'might have to put DOGE on Elon.' 'You know what DOGE is?' he asked the reporter, referring to Musk's supposed cost-cutting operation that gutted critical services across the government in a matter of months. 'The monster that might have to go back and eat Elon,' Trump continued. 'Wouldn't that be terrible?' Musk responded on X that it was 'so tempting to escalate this. So, so tempting. But I will refrain for now.' The GOP's massive reconciliation package is currently being debated in the Senate through a record breaking vote-a-rama session that became the longest in the chamber's history on Monday night. If passed, the legislation is expected to strip millions of their health care coverage, make social safety net programs less accessible, and worst of all — at least according to Musk — increase the national debt by about $4 trillion over 10 years. Trump indicated on Tuesday that he was 'hopeful' for a full vote in the Senate before the end of the day. More from Rolling Stone Trump's Attack on Iran May Have Made the Nuclear Crisis Worse Team Trump Is Serious About Unleashing the Espionage Act on the Media White House Pushes B.S. About 'Big Beautiful Bill' as Popularity Craters Best of Rolling Stone The Useful Idiots New Guide to the Most Stoned Moments of the 2020 Presidential Campaign Anatomy of a Fake News Scandal The Radical Crusade of Mike Pence
Time of India
a day ago
- Automotive
- Time of India
Terrible Tuesday: Donald Trump to deport Elon Musk? The real reason Tesla stock has sunk
Tesla stock plunges as Trump threatens to cut Elon Musk's subsidies: What's next for Tesla and SpaceX?- Tesla stock took a sharp hit on Tuesday, dropping nearly 5%, after President Donald Trump reignited a heated feud with Elon Musk, threatening to cut government subsidies to Musk's companies, including Tesla (TSLA) and SpaceX. The renewed clash comes just days after Musk criticized Trump's massive tax and spending bill, calling it 'insane and destructive.' In a post on Truth Social, President Trump claimed, '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.' He added, 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' Trump's comments, and the ongoing political drama, are sparking real market consequences. Here's a closer look at what's going on and why Tesla investors are growing increasingly uneasy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like See the Latest Apartment Deals in Kotalipara (Take a Look) Apartments for rent | Search Ads Learn More Why did Trump threaten Tesla's government subsidies? President Trump's remarks were in direct response to Elon Musk's strong criticism of the administration's new spending bill. The bill, which cleared the Senate on Tuesday, includes a surprise move to eliminate EV tax credits earlier than expected—a decision that could significantly hurt Tesla customers and the company's bottom line. Musk slammed the bill on his platform X, calling it a handout to 'industries of the past' and warning that it would 'severely damage industries of the future.' Live Events The legislation would add $1 trillion to the original spending plan and potentially cut $1.2 billion from Tesla's annual profit by removing tax incentives for electric vehicles. Trump, doubling down on his stance, reminded the public, 'Elon Musk knew, long before he so strongly endorsed me for President, that I was strongly against the EV Mandate.' How much has Tesla actually received in federal support? While Tesla's EV tax credit program has faced scrutiny, it's SpaceX that has benefited more directly from government funds. According to U.S. federal spending data, SpaceX has received over $21 billion in government contracts over the years—covering rocket launches, satellite programs, and space missions. Musk's growing influence and heavy reliance on federal support have made his businesses a lightning rod in today's political debates. What impact is the Trump-Musk feud having on Tesla's stock? Tesla shares fell nearly 5% on Tuesday, following a 1.9% drop on Monday when the Senate first began voting on amendments to the spending bill. These losses come on top of a previous $150 billion wipeout in Tesla's market value in early June, when Trump and Musk first began trading blows online. Musk's latest post—a viral image of Pinocchio with 'liar' stamped across it—accused lawmakers of abandoning promises to reduce government spending. 'Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' Musk warned on X. Wedbush analyst Dan Ives cautioned investors Tuesday, writing: 'Tesla investors want Musk to focus on driving Tesla and stop this political angle … At the end of the day, being on Trump's bad side will not turn out well.' Tesla Stock Today Current Price: $301.73, down around 5% intraday Daily Range: $293.75 – $305.78 Trading Volume: ~102 million share Expected Q2 Deliveries: Down 11% year-over-year Total SpaceX Government Contracts : $21+ billion Tesla Regulatory Credit Earnings in 2024: $2.8 billion How is Tesla stock reacting to the Trump-Musk feud? Tesla's shares fell 4.8% on Tuesday , after a 1.9% dip on Monday , as the Senate moved forward with the controversial bill. The sell-off reflects rising investor anxiety—not only over policy changes but also Musk's increasingly political behavior, which many feel is distracting from Tesla's business performance. The conflict isn't new. Earlier in June, a similar war of words between Trump and Musk wiped out $150 billion in Tesla's market value in a single day . How much federal funding have Tesla and SpaceX received? SpaceX alone has secured over $21 billion in U.S. government contracts over the years. Tesla, meanwhile, has benefited from EV incentives , clean energy subsidies, and regulatory credits. In 2024, Tesla earned an estimated $2.8 billion just from these credits. Altogether, Musk's companies have gained tens of billions in support from federal programs, raising concerns among critics who argue about fair competition and spending efficiency. Are Tesla's global sales also declining? Yes. Adding to the pressure, Tesla's performance in Europe continues to decline. June marked the sixth straight month of falling sales in countries like Sweden and Denmark. Meanwhile, deliveries in China have also slipped, and global delivery numbers—due this week—are expected to show an 11% year-over-year drop. Analysts forecast around 366,000 global deliveries for Q2, compared to over 406,000 in the same quarter last year. Are Tesla's sales also slipping in other markets? Adding to the pressure, Tesla is facing ongoing sales declines in Europe. In June, the company posted its sixth consecutive monthly drop in Sweden and Denmark. This adds to growing concerns ahead of Tesla's upcoming global delivery report due Wednesday, where Wall Street is expecting an 11% year-over-year decline in deliveries. This data paints a challenging picture for Tesla in both the domestic and global markets, with investor focus now shifting to performance figures amid political volatility. What's at stake for Elon Musk and Tesla going forward? Musk's political involvement continues to be a wildcard for Tesla investors. While he remains one of the most innovative and influential figures in tech, his battles with President Trump and controversial statements are proving to be more than just distractions. Calls for Musk to refocus on business, rather than political rivalries, are growing louder among investors. Meanwhile, Trump's control over fiscal policy and his push to defund EV programs puts Tesla in a vulnerable position—especially with billions in federal incentives at stake. As the feud unfolds, Tesla's future may depend on how well it can navigate both political threats and economic headwinds. Tesla stock dropped 4.8% Tuesday after Trump threatened to cut subsidies to Musk-led companies. SpaceX has received over $21 billion in U.S. government contracts to date. The Senate-approved spending bill could remove EV tax credits earlier than expected, costing Tesla up to $1.2 billion annually. Tesla deliveries are expected to fall 11%, with drops reported in Sweden and Denmark for six straight months. Analysts warn that Musk's political battles could hurt Tesla's long-term investor confidence. FAQs: Q1: Why did Tesla stock drop after Trump's subsidy threat? Trump's plan to end subsidies could slash Tesla's profits, causing investor panic. Q2: How much government funding has SpaceX received so far? SpaceX has received over $21 billion in U.S. federal contracts
