Tesla Inc. shares fell 14% on Monday after Chief Executive Elon Musk criticized a proposed bill that would restrict immigration and limit green energy subsidies, stating it would be "very bad for the country."
Key Points of the Proposed Bill
- Expected to increase the U.S. deficit by $2.4 trillion over 10 years.
- Widespread criticism from environmental groups and other opponents.
Musk’s comments followed former President Donald Trump’s assertion that Musk opposed the bill solely because it would eliminate electric vehicle tax credits benefiting Tesla. Musk denied this claim in a statement on Twitter, emphasizing that he had never needed government incentives to sell cars through Tesla stores or directly to customers without intermediaries like dealerships or rental agencies.
Background on Musk and Trump
- This incident is not the first clash between Musk and Trump.
- Last year, they engaged in a heated argument on Twitter after Biden won re-election.
- Musk also accused Trump of being involved in a scandal related to convicted sex offender Jeffrey Epstein, which could further damage Trump’s reputation if it becomes public knowledge.
Trump has denied any wrongdoing in connection with Epstein’s death while in jail awaiting trial on sex trafficking charges last year.
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