Trump denies plans to pull subsidies from Elon Musk-owned companies

The United States (US) President Donald Trump has dismissed recent speculation that he intends to revoke government subsidies from companies owned by Elon Musk.

In a post shared on Truth Social, Trump addressed growing concerns about his relationship with the Tesla and SpaceX CEO, clarifying that he does not plan to harm Musk’s businesses.

“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 US Government,” Trump wrote.

“This is not so! I want Elon, and all businesses within our country, to thrive, in fact, thrive like never before!”

Trump emphasised that the success of American businesses directly benefits the nation, adding, “The better they do, the better the USA does, and that’s good for all of us.”

It is worth noting that the tensions between Trump and Musk have escalated in recent months.

Their public disputes began after Musk criticised Trump’s major spending bill, and the conflict has intensified with Musk questioning Trump’s alleged past associations with Jeffrey Epstein.

In June, Trump had reportedly threatened to reconsider Musk’s government contracts amid growing disagreements over policy and political alignment.

Earlier, during Tesla’s second-quarter earnings call, Musk acknowledged that the company may face “a few rough quarters,” citing rising tariffs and the pending expiration of federal electric vehicle incentives by the end of September.