Elon goes full tilt at Trump tax plan, while Tesla stumbles in Europe and Down Under.
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Elon Musk has done it again — and this time, it’s Tesla’s share price that’s feeling the shockwaves. The tech tycoon’s latest political tirade has sent investors running for cover, with Tesla stock plummeting over 4% after Musk launched an explosive attack on Donald Trump’s tax bill.
“KILL the BILL!” Musk raged on X (formerly Twitter) on Wednesday, June 4, urging Americans to pick up the phone and badger their Senators and Congressmen. “Bankrupting America is NOT ok!” he thundered, calling the bill a “disgusting abomination” and accusing Congress of packing it with pork.
But while Musk was going ham on Capitol Hill, Wall Street was hitting the brakes.
Tesla shares tumbled 4.2% during trading and slid even further in pre-market deals — leaving some wondering whether Musk’s mouth is now Tesla’s biggest liability.
Musk vs. Trump: Bromance on the rocks?
According to The Wall Street Journal, Trump’s inner circle is “caught off guard” by Musk’s outburst. One senior official hinted the White House is “irked” by the tech mogul’s loud dissent — not least because Musk had previously been seen as a powerful Trump ally, especially through his role in the so-called Department of Government Efficiency (DOGE).
Musk’s fury reportedly reached boiling point after the White House dropped his pal, billionaire Jared Isaacman, from consideration for NASA chief — a nomination Musk had personally championed. If that’s true, the tax bill might not be the only thing Musk is fuming about.
What’s in the bill that’s got Elon frothing?
Quite a bit, actually.
Musk’s biggest gripe? The phasing out of the federal EV tax credit — a move that could clobber Tesla sales just as competition heats up worldwide. According to Bloomberg, Musk has been lobbying hard behind the scenes to preserve the subsidy, which many see as crucial to Tesla’s growth.
The nonpartisan Congressional Budget Office dealt another blow by confirming what Musk has been shouting from the rooftops: the bill would add $2.4 trillion to the national deficit over the next decade.
And for a man who once ran DOGE — an agency tasked with cutting government waste — it all seems like too much hypocrisy to swallow.
“I’m sorry, but I just can’t stand it anymore,” Musk posted. “Shame on those who voted for it in the House.”
Tesla’s European dreams stall
While Musk battles the swamp in Washington, Tesla is quietly struggling overseas. Sales figures from Europe and Australia paint a mixed picture, with demand softening in key markets.
The company also faced public backlash on home turf. Recent protests outside Tesla showrooms in the US have underlined growing frustration among customers, with some reportedly ditching their Teslas altogether over Musk’s outspoken politics and perceived cosiness with the Trump camp.
Even some of his die-hard fans are now asking: has Musk’s political obsession driven Tesla off a cliff?
Musk’s billion-dollar balancing act
Musk’s double act as CEO and political pit bull may thrill his social media following — but investors seem less amused. Tesla’s robotaxi dreams, EV dominance, and federal contracts with NASA and the Department of Defence all rely on political goodwill. Picking fights with presidents might not be the smartest move.
And with the National Highway Traffic Safety Administration still mulling over autonomous driving regulations, Musk’s war on Washington could leave his futuristic fleet parked in the slow lane.
For now, though, Musk seems more interested in slaying bills than building cars.
As ever with Elon, it’s part genius, part chaos — and 100% must-watch.
Got a view on Elon’s latest political pivot? Let us know in the comments below!
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