Now that his bromance with Elon Musk has soured, the US President is applying both of these beliefs with full force against his former friend, hitting him where he thinks it hurts most – in the pocket.
Not all Tesla’s troubles are directly attributable Trump. But the US President knows how to punch a bruise when he sees one.
Trump tried to help turn this around back in March, when things were still good between them, by indulging Musk and turning the front of the White House into a sales forecourt for Tesla. Trump even bought a red car, but has since suggested he might sell it on. Meanwhile Tesla, which once accounted for four out of five EV sales in the US, now sells less than half of them.
Trump bought a red Tesla after the two were seen sitting in one in the White House in March, but the President has since suggested he might sell it on (Photo: Mandel Ngan/AFP)
Much of the bad news for Tesla can be traced to what the President calls his “Big Beautiful Bill”, which Musk has attacked as “an insane spending bill”, “massive, outrageous, pork filled” and a “disgusting abomination”. Musk is so angry he threatened to fund a new political party, The America Party, as a rival to the Republicans and Democrats, from the day the bill was passed.
Trump’s bill also brings down the curtain of “corporate average fuel economy” under which Tesla received billions of dollars from polluting car makers in return for “clean air credits”. At the start of the year these payments were all that kept Tesla in the black. The bill reduces fines for none compliance with this system to zero.
Other branches of Musk’s business empire are also being cold-shouldered by the administration. This week the White House press secretary, Karoline Leavitt, stated that the Trump administration does not support federal agencies entering into contracts with xAI, his artificial intelligence company.
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Musk was ceremonially dismissed from the Oval Office in May. But in spite of the smiles and exchanged pleasantries, hostilities soon flared as Musk continued to question economic strategy.
Tesla lost some $150bn in market value on the day Trump mused about reviewing federal contracts with Musk enterprises, including Nasa’s with SpaceX.
For now, both men think it is in their interests to calm things down, albeit grudgingly. “Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large-scale subsidies he receives from the U.S. government. This is not so!” Trump posted, claiming that he wanted all US businesses to “THRIVE”. To which Musk responded, “Phew”.
Don’t cry for Elon just yet though. According to the Bloomberg Billionaire Index, he is still comfortably the richest person in the world with a total net worth of $354bn, well ahead of Larry Ellison at No 2 on $293bn.
Even so Musk cannot afford another twelve months like the last. Most of the global billionaire top ten got richer, while Musk’s year of political meddling has cost him $78bn. “Loser!” as President Trump likes to say.
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