Trump mocks Elon Musk, claiming without subsidies Musk would close Tesla and return to South Africa amid political bill spat.
On July 1, President Donald Trump fired back at Elon Musk, suggesting that without government subsidies, Musk might have to shut down Tesla and return to South Africa. The clash ignited after Musk criticized Trump’s tax bill, alleging it raised the national debt ceiling by $5 trillion.
Musk’s criticism resonated with other industry leaders, including Coinbase CEO Brian Armstrong, who warned unchecked debt could make Bitcoin the world’s reserve currency. Musk also reiterated his call for a new U.S. political party, a sentiment echoed by Dogecoin co-creator Billy Markus.
Trump responded on Truth Social, saying Musk was aware of his opposition to the electric vehicle mandate, emphasizing that while EVs are acceptable, ownership shouldn’t be forced.
Tesla remains a top EV manufacturer and holds over $1 billion in Bitcoin, ranking it among the largest public corporate Bitcoin holders.
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