President Trump said Thursday he doesn’t want Elon Musk’s companies to suffer as one of those firms, Tesla, reported a second straight quarter of declining sales.
Mr. Trump, writing on Truth Social, downplayed a rift with his former supporter and government-cutting ally.
“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,” Mr. Trump wrote. “This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”
One of Trump’s policies is especially jarring for Tesla: the expiration of electric vehicle tax credits on Sept. 30.
The president’s One Big Beautiful Bill sunsets the credits early instead of in 2032.
Tesla, a major EV maker, said its automotive revenue dropped 16% year over year as the automaker faces competition from abroad and public-relations issues