Tesla stock falls amid Trump deportation threats directed at Elon Musk
July 1 (UPI) -- The share prices for Tesla stock tumbled on Tuesday after President Donald Trump suggested the federal government might end its electric vehicle subsidies and deport owner Elon Musk.
Trump suggested Tesla and other Musk-owned enterprises would end without federal subsidies.
"Electric cars are fine, but not everyone should be forced to own one," Trump said in a Truth Social post.
"Elon may get more subsidy [sic] than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump continued.
"No more rocket launches, satellites or electric car production, and our country would save a fortune," the president said.
Trump's threat against Tesla subsidies might have triggered a drop in Tesla stock prices during Tuesday's trading.
Tesla's share prices on NASDAQ closed at $317.66 on Monday after opening at $319.90 and reaching a high of $325.58 amid trades totaling 76.7 million shares.
The number of shares sold on Tuesday was much higher at 143.2 million, with an opening price of $298.42, a high of $305.88 and closing at $300.71.
Musk throughout the weekend and into Tuesday railed against the proposed fiscal year 2026 budget bill on social media.
"It is obvious with the insane spending of this bill, which increases the debt ceiling by a record [$5 trillion] that we live in a one-party country -- the Porky Pig Party!" Musk said Monday in a post on X, ABC News reported.
He also said the bill would cost workers to lose millions of jobs and threatened to fund primary challenges for every Republican senator who voted in favor of House Resolution 1, CBS News reported.
The Senate approved the budget bill on a 51-50 vote after Vice President JD Vance cast the tie-breaking vote early Tuesday afternoon.
Trump told reporters on Tuesday he would "have to take a look" at possibly deporting Musk, who is a naturalized U.S. citizen.
The president also suggested having the Department of Government Efficiency investigate Musk, which Musk led for 130 days until the end of May.
The public exchanges between Musk and Trump roiled Tesla's share price, and Trump told media the Tesla founder should not "be playing that game with me," CNBC reported.
He said Musk is upset about losing the federal government's EV mandate if the budget bill becomes law.
Musk also could lose federal subsidies that support SpaceX and the Starlink global satellite Internet services provider, Trump warned.
Musk on social media dared the president to "cut it all" and said he might work to create a third political party "that actually cares about the people."
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