Trump Comments on Elon Musk Deportation, Affecting Tesla Stock Prices at Market Open

This content does not constitute investment advice. The author holds no positions in the stocks referenced herein.

In a surprising turn of events, President Donald Trump recently commented on the potential deportation of Elon Musk, the CEO of Tesla and SpaceX. This declaration came as Trump spoke to reporters in Washington, preparing for a trip to Florida. The tension between Trump and Musk has intensified, particularly since Musk has openly opposed Trump’s proposed Big Beautiful Bill, which is currently under discussion in Congress.

Elon Musk Commits to Avoiding Further Conflict with Trump

As a first-generation immigrant, Musk’s immigration status has drawn scrutiny multiple times. Speculation about the cancellation of his U. S.citizenship has arisen during President Biden’s administration, particularly regarding allegations that Musk may have worked in the U. S.while on a student visa. Though student visa holders are permitted to work, their employment conditions are strictly regulated by educational institutions.

Following Musk’s increased criticisms of Trump’s latest legislation, the President stated he would “have to take a look”at the possibility of Musk’s deportation. Musk, whose net worth stands at approximately $406 billion as per Forbes, is the wealthiest individual globally, primarily due to his significant investment in Tesla.

Tesla’s stock faced a decline today as analysts reported a slowdown in vehicle sales across Europe. The stock fell by 5.8% in premarket trading and opened 6.9% lower when the market commenced.

Tesla shares decline — Tesla shares have struggled this year amidst ongoing delivery challenges.

Throughout this public disagreement, Trump has claimed that Musk’s opposition to the proposed legislation stems from its impact on electric vehicle purchase incentives. Conversely, Musk has argued against this assertion, even suggesting the complete elimination of such incentives. Trump reiterated his stance during his press comments, asserting that, “not everyone desires an electric vehicle.”

“We might have to put DOGE on Elon, ” Trump remarked, referencing an initiative Musk established to cut U. S.government expenditures.“You know what DOGE is? The monster that might have to go back and eat Elon. Wouldn’t that be unfortunate? He receives numerous subsidies, ” Trump elaborated.

Trump continued to express his personal preference, stating, “I don’t want an electric car; I want options such as gasoline, electric, hybrid, or perhaps someday hydrogen.”

In response to Trump’s comments, Musk acknowledged the President’s criticisms on social media, stating, “So tempting to escalate this. So, so tempting. But I will refrain for now, ” underscoring the complex dynamics of their relationship.

Earlier on Truth Social, Trump had suggested that if his administration were to revoke the subsidies enjoyed by Musk’s companies, “Elon would probably have to close up shop and head back home to South Africa.”

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