President Donald Trump is seemingly looking to clear up some of the recent bad blood between him and tech billionaire Elon Musk, saying Thursday that he does not want to wreck the Tesla and SpaceX CEO's companies by rescinding federal subsidies.
"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," the president said in a post on his Truth Social platform. "This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before! The better they do, the better the USA does, and that’s good for all of us. We are setting records every day, and I want to keep it that way!"
IN CASE YOU MISSED IT | Tesla reports declining vehicle deliveries as tax credit cuts loom
The statement comes after the two engaged in several public feuds over President Trump's sweeping tax and spending package dubbed the “big, beautiful bill,” which was signed into law earlier this month and includes cuts to federal subsidies that directly impact companies owned by Musk.
Key provisions of the legislation include the accelerated phase-out of an EV tax credit for people who buy new or used electric vehicles — including Tesla's — and credits for EV charging station installations. According to some analysts, the elimination of the tax credits could cost Tesla billions of dollars.
Musk, who previously served as an adviser to the president and led the Department of Government Efficiency, has been a frequent critic of the overall legislation, warning it will add trillions of dollars to the national debt and destroy millions of jobs.
IN RELATED NEWS | 'You know you did wrong:' Elon Musk shames lawmakers who voted for Trump's 'big, beautiful' bill
Musk has since also floated the idea of forming a third political party to address what he described as the "waste and graft" in the federal government. President Trump responded by accusing Musk of having gone “off the rails” and turning into a “train wreck.”
Separately, the two also sparred last month during an exchange that grew increasingly personal, with Musk suggesting the president had ties to convicted sex offender Jeffrey Epstein after Trump suggested that cutting Musk's federal contracts and subsidies to save the country “billions and billions” of dollars.
"Time to drop the really big bomb: @realDonaldTrump is in the Epstein files," he said on his social media site X. "That is the real reason they have not been made public. Have a nice day, DJT!"
Musk offered no evidence to support the claim. Conspiracy theories surrounding the so-called Epstein files have long alleged they would reveal connections between Epstein and high-profile public figures.
