WASHINGTON: President Donald Trump said on Thursday (July 24) he would not dismantle Elon Musk’s companies by stripping them of federal subsidies and insisted he wants the billionaire entrepreneur’s businesses to succeed.
“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 US government. This is not so,” Trump said in a social media post. “I want Elon, and all businesses within our country, to THRIVE.”
SUBSIDY CUTS LOOM
The statement came after Musk warned Tesla investors on Wednesday that pending cuts to electric vehicle subsidies could lead to a “few rough quarters” for the company. Under tax and budget legislation signed by Trump, the US government will end the $7,500 tax credit for new EVs and the $4,000 credit for used ones on September 30.
Though Musk has publicly questioned the role of subsidies, Tesla has long benefited from billions of dollars in federal support linked to clean transportation and renewable energy.
Source: CNA
