President Trump accused Elon Musk of benefiting excessively from government subsidies intended for electric vehicles. He claimed that without such subsidies, Musk would likely need to cease business operations. Tesla's stock price dropped following these remarks. Musk had previously criticized a tax bill proposed by Trump, stating that reductions in credits for electric vehicles would harm the country. The automaker is expected to report declining sales figures, indicating a potential challenge in consumer demand for their products in the forthcoming quarter.
Trump asserted that "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." This highlights the extent to which he believes Musk relies on government support for Tesla's operations.
The upcoming sales reports from Tesla are predicted to reflect a continued decline in demand, an issue exacerbated by potential cuts to EV and energy credits proposed in the tax bill.
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