President Trump Holds Press Conference With Elon Musk in White House's Oval Office

Tesla CEO Elon Musk speaks alongside US President Donald Trump to reporters in the Oval Office (Kevin Dietsch/Getty Images)

Tesla sinks after Trump threatens to have “DOGE take a good, hard, look” at Musk subsidies

Elon Musk and Donald Trump are fighting in public again.

Rani Molla

7/1/25 4:50AM

It appears Tesla CEO Elon Musk has sufficiently poked the bear — again.

President Donald Trump took to his social media platform in the middle of the night to criticize Musk’s government subsidies, threatening to have the government organization — which, until very recently, Musk ran — look into cutting them.

“Elon may get more subsidy 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 wrote. “Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!” the president added.

Tesla plummeted as low as 6% in overnight trading but is now trading about 5% lower in the premarket.

The post comes after a slew of posts by Musk on his social media platform criticizing Trump’s “big, beautiful bill.” In one of the posts, Musk renewed his threat from the last time he and Trump publicly battled online to start his own political party if the bill goes through.

The tax bill is expected to have huge negative implications for Tesla, which has been on a tear since reporting earnings in late April, rising nearly 40% on optimism around its robotaxi launch. JPMorgan has said the pending legislation could eat into more than half of the EV company’s profits.

Tesla potentially has more tangible things to worry about: it’s reporting second-quarter deliveries tomorrow and analysts expect the numbers to be very bad.

Luke Kawa, Tasha Matsumoto

2/20/26

Stocks rise as the Supreme Court strikes down Trump’s tariffs

In response, Trump said he was imposing a 10% global tariff effective immediately under Section 122 of the 1974 Trade Act.

Chicago Bulls Mascot Benny the Bull dunks the ball during the halftime show of the Missouri Valley Conference college basketball game between the Loyola-Chicago Ramblers and the Illinois State Redbirds on February 2, 2019.

Max Knoblauch2/20/26

Lucid cuts 12% of its US workforce in a profitability push

EV maker Lucid announced on Friday it is laying off 12% of its US workforce as part of its efforts to improve profitability.

This is Lucid’s third round of layoffs since March 2023. At the end of 2024, the company said it had 6,800 employees globally.

“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” interim CEO Marc Winterhoff told employees in an email published by Business Insider. The company has been without a permanent CEO since February 2025.

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Lucid Motors slashes 12% of its workforce as it seeks profitability | TechCrunch

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Max Knoblauch2/20/26

The Supreme Court’s tariff ruling isn’t sweeping relief for automakers, but it isn’t nothing either

The Supreme Court on Friday struck down a significant chunk of President Trump’s tariffs, but the decision isn’t a cause for automakers to fully exhale.

Friday’s ruling relates to tariffs imposed under the International Emergency Economic Powers Act and not Section 232. The 25% tariffs on automobiles and auto parts were imposed under Section 232, so those tariffs remain in place.

Still, it’s worth noting that automakers including Ford, GM, and Stellantis aren’t completely on the outside looking in. IEEPA tariffs did cover certain machinery, lower-cost raw materials, and components, which account for a small chunk of automaker production costs.

According to the Center for Automotive Research, IEEPA tariffs account for about $250 per vehicle for the big three Detroit automakers, or $902 million in costs. That’s a far cry from the Section 232 tariff impact of $4,240 per vehicle, per the think tank, but it’s not nothing.

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Stocks jump after Supreme Court strikes down Trump’s reciprocal tariffs

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Luke Kawa

2/20/26

Supreme Court strikes down Trump’s reciprocal tariffs; Trump responds with 10% global tariff

The president said he has “great alternatives” and can charge even more than he was charging.

President Trump Holds "Make America Wealthy Again Event" In White House Rose Garden

Luke Kawa2/20/26

Nvidia nears $30 billion investment in OpenAI’s funding round, the FT reports

Nvidia is close to investing $30 billion in OpenAI as part of its long-discussed funding round, per the Financial Times.

Bloomberg had previously reported that Nvidia would be investing $20 billion in this round.

The FT says that this investment will effectively be replacing a bigger planned pact between the two companies. The Wall Street Journal had originally reported in late January that Nvidia’s investment of up to $100 billion in OpenAI, which was announced in September, had “stalled” amid private criticisms of the ChatGPT maker by CEO Jensen Huang.

As Microsoft, SoftBank, or Oracle could tell you, being viewed as overly exposed to OpenAI has not been a boon for stocks in recent months.