Shares of Tesla experienced a downturn in premarket trading as tensions escalated between Donald Trump and Elon Musk on social media. The renewed conflict revolves around the One Big Beautiful Bill Act, which offers substantial tax cuts for high-income earners while jeopardizing healthcare services for millions. The act's provisions that reduce electric vehicle subsidies and bolster the coal industry particularly upset Musk, who has historically supported alternative energy initiatives. This ongoing feud has major implications for Tesla's stock performance and public perception.
Musk voiced strong opposition to the One Big Beautiful Bill Act, particularly its cuts to electric vehicle subsidies and support for the coal industry, which contradict his advocacy for alternative energy.
The One Big Beautiful Bill Act proposes $3.8 trillion in tax cuts for wealthy Americans, while stripping Medicaid and social services, affecting over 10.9 million Americans' healthcare coverage.
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