After Tesla's disappointing second-quarter earnings, President Trump announced he would not attempt to harm Elon Musk's companies by removing large-scale government subsidies. Trump stated on Truth Social that he wants Musk's businesses to thrive despite rumors suggesting otherwise. Tesla revealed it anticipates losses due to expiring EV purchase credits, leading Musk to predict challenging quarters ahead. The company generated significant revenue from selling emissions credits, and Tesla shares dropped nearly nine percent after the earnings announcement, reflecting concerns over future performance without these 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. This is not so! I want Elon, and all businesses within our Country, to THRIVE."
"We are in the transition period where we will lose a lot of incentives in the US. We probably could have a few rough quarters."
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