Mr. Trump Threatens to Cut All Aid, Billionaire Musk Says Just 'Cut Everything'

The relationship between Mr. Trump and Elon Musk continues to deteriorate as both sides publicly clash over the spending bill, electric vehicle subsidies, and the role of DOGE - an organization that Musk himself once led. A day earlier, billionaire Musk continued to criticize Trump’s tax cut and spending bill “One big, beautiful Bill.” By July 1, this bill was narrowly passed by the U.S. Senate. Billionaire Musk called the bill “crazy and devastating,” arguing that it could “destroy millions of jobs” and push the United States into serious fiscal risk. “He is disappointed about losing the electric car incentive. He is disappointed about many things, but he can handle much more than that,” Mr. Trump told the press on July 1. According to Reuters, although billionaire Musk opposes government subsidies, his electric vehicle company Tesla has benefited from billions of USD in tax breaks and other policy advantages while operating in the clean transportation and renewable energy sector. Tesla’s stock recorded a decline of more than 5% on July 1. Billionaire Musk once threatened to establish a new political party and spend money to oust lawmakers who support “One big, beautiful Bill.” Meanwhile, Treasury Secretary Scott Bessent dismissed Musk’s criticism that the bill would cause a soaring deficit, asserting “I will take care of” America’s finances. On Truth Social, Mr. Trump criticized that Mr. Musk has since been able to receive more subsidies “than anyone else in history.” “No more rocket launches, satellites, or electric car production, and our country will save a fortune,” Reuters quoted Mr. Trump’s post. Not stopping there, Mr. Trump also replied to reporters with a sly smile that DOGE is the “monster” and “might come back to eat Elon.” In response, billionaire Musk wrote on X that: “I really want to say to cut it all. Right now”. However, Musk said he would refrain from escalating the war of words.