By Jesse Pound
Shares of Tesla were under pressure on Tuesday after President Donald Trump said in a late night social media post that the federal government should look into cutting subsidies for Elon Musk’s companies.
“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. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,” the Truth Social post said.
“DOGE” refers to the so-called Department of Government Efficiency, which Musk led early in Trump’s administration before leaving his government role in late May
Tesla’s stock was down more than 5% in premarket trading Tuesday. Some of Musk’s other ventures, including SpaceX and Starlink, are heavily reliant on government policy.