The post Trump Denies Plans to Cut Musk’s Federal Subsidies appeared on BitcoinEthereumNews.com.

Key Points: Trump’s statement denies plans to cut Musk’s federal subsidies. Market remains wary despite Trump’s supportive comments. Tesla stock shows volatility amid subsidy speculation. On July 24, former President Donald Trump clarified on Truth Social that he will not cancel federal subsidies for Elon Musk’s companies, emphasizing their success benefits the U.S. economy. The statement responded to market concerns about subsidy withdrawal, affecting Tesla’s stock amid decreasing earnings. The potential policy maintains significance for tech-related markets and cryptocurrency sectors. Trump Debunks Subsidy Cut Rumors Amid Tesla Volatility On July 24, President Donald Trump took to Truth Social to correct misrepresentations about his administration’s plans regarding federal subsidies for Elon Musk’s companies. Trump emphasized that Musk and other U.S. businesses should continue thriving to benefit the national economy. Despite Trump’s reassurance, concerns remain about any potential changes in policy. Tesla’s financial performance raised alarms after announcing a notable downturn in Q2 profits, causing a 9% drop in stock prices. The proximity of Trump’s statement to Tesla’s struggles contributed to the apprehension. Donald Trump, President, United States, “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 U.S. Government. This is not so I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!” Market reactions remain cautious. Investors viewed Trump’s comments cautiously, despite reassurances. Statements from key figures such as Tesla CFO Vaibhav Taneja highlight the urgency to avail of existing EV tax credits before their expiration, demonstrating continued concern. Subsidy Politics May Affect Tech and Crypto Markets Did you know? Tesla and GM previously faced similar tax credit expirations, impacting sales and causing market volatility. Bitcoin (BTC) is trading at $118,632.91, with a market cap of approximately $2.36…

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Filed under: News - @ July 24, 2025 11:31 pm