US President Donald Trump has stated that he will not destroy Elon Musk’s companies by cutting federal subsidies, emphasizing his desire for the billionaire entrepreneur’s businesses to succeed.
In a social media post, Trump said, “Everyone is saying 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. This is not true. I want Elon, and all businesses in our country, to thrive.”
The statement comes after a public disagreement between Trump and Musk on June 5 regarding tax policy. Musk had warned Tesla investors that potential cuts in U.S. government support for electric vehicle manufacturers could lead to “a few rough quarters” for the company.
Following their dispute, reports emerged that the White House directed the Defense Department and NASA to review billions of dollars in contracts awarded to SpaceX, possibly signaling a move to retaliate against Musk and his companies.
Musk had donated over $250 million to support Trump’s reelection campaign and briefly led the Department of Government Efficiency, aiming to reduce federal spending and workforce numbers. He resigned from that position in late May to focus on his technology ventures.
Tensions escalated after Musk criticized Trump’s tax and spending bill, prompting Trump to threaten cancellation of billions in federal contracts awarded to Musk’s enterprises.
SpaceX was previously a top contender to help develop Trump’s $175 billion Golden Dome missile defense shield. However, sources indicate the administration is now exploring other partners amid concerns over SpaceX’s ongoing role due to the strained relationship between Trump and Musk.
