Trump surprised everyone with one of his social media posts in view of the ongoing differences between US President Donald Trump and Allen Musk. Amid Tesla’s falling stock, the US President suddenly supported Allen Musk and his company Tesla on social media on Thursday morning. This post of Trump has been shocking as there was a sharp controversy between him and Musk in recent times.
In such a situation, he wrote on social media platform Truth Social that I want Alan and all the companies of our country to flourish. However, Trump’s post also could not handle Tesla’s falling stock. Tesla’s stock fell nearly 9% by Thursday afternoon after Allen Musk’s warning over the company’s weak financial results and future.
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Trump had warned earlier, now shown a soft stand
In recent times, the dispute between Trump and Musk rose when Trump indicated that if he became President again, the government subsidies and taxes received to Musk’s companies could stop relief. But now Trump changed his stance and wrote that people are saying that I will end the help of Allen’s companies, but it is not so. When their companies do well, America does good.
Tesla’s decline in earnings
Late on Wednesday night, Tesla said that the company’s income fell 12% and the profits fell 16% in the April-June quarter. Regarding this, Alan Musk warned that some of the coming quarters could be difficult. In addition, many customers are angry with Musk’s involvement in right -wing politics, while Tesla is facing tough competition in Europe and China.
Impact on budget bill and tax credit
The recently passed Trump’s budget bill may end $ 7,500 electric vehicle tax credit to Tesla. Also, the company will have less income from regulatory credit to other auto manufacturers. In addition, Tesla is estimated to lose hundreds of million dollars due to tariffs imposed on countries like China and Mexico by Trump.
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Musk’s response and future plans
Significantly, Allen Musk criticized this budget bill and described it as disgusting and dangerous on his social media platform X. He even said that he could consider forming a new political party. In the earning call on Wednesday, Musk said that Tesla’s focus will no longer be on selling cars but will be on the services providing self-driving ride in future. Tesla has started a paid robotaxi service in Austin, Texas since June, and aims to reach half of the US population by the end of the year, although it will depend on government approval.
