Quick overview

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Tesla (TSLA) dipped on Wednesday due to the public policy spat between President Trump and Elon Musk, which Musk intensified on the same day.

 

Musk wrote on X, “Call your Congressman, Call your Senator, Bankrupting America is NOT ok! KILL the BILL.”. “If the massive deficit spending continues, there will only be money for interest payments and nothing else!” Musk added

The remarks follow an angry post by the former head of the Department of Government Efficiency (DOGE) on Tuesday, which read, “I’m sorry, but I just can’t stand it anymore.”.

This Congressional spending bill is a monstrous, outrageous, and pork-filled mess.

He said, “Shame on those who supported it in the House”.

 Musk’s close ties to the Trump administration were perceived as advantageous for the company. Recent remarks made by Musk to “CBS News Sunday Morning” escalated his rhetoric against Trump and the Republican-backed “big, beautiful bill,” reaching explosive heights with the now two-day onslaught.

Musk’s argument is further supported by a Congressional Budget Office estimate of the bill’s impact on the deficit, which comes as the bill faces an uncertain future in the Senate. According to the nonpartisan office, the House-passed version of the bill would increase deficits by $2.04 trillion over the following ten years.

The DOGE, which Musk previously led, has faced criticism for failing to implement the budget cuts Musk claimed it could, and for the cuts it did implement being extremely unpopular.