President Donald Trump has publicly declared that he wants Elon Musk and all American businesses to “thrive like never before,” walking back previous remarks that suggested his administration might cut key federal subsidies supporting Musk’s companies.
The clarification came via Truth Social on July 24, where Trump addressed speculation that he might target companies like Tesla, SpaceX and xAI by removing incentives such as the $7,500 electric vehicle tax credit. Trump firmly denied these claims, stating:
“Everyone is saying I’ll destroy Elon’s companies by removing subsidies. That’s not true. I want Elon, and all businesses in our country, to thrive. The better they do, the better the USA does.”
This marks a shift in tone from previous comments made during a June campaign rally, where Trump hinted at pulling financial support from Musk’s ventures, criticizing what he called “massive government handouts.” The remarks triggered uncertainty among investors, with Tesla shares dropping over 8% shortly after.
Despite the friction, Trump is now emphasizing a pro-growth agenda, suggesting his priority is economic expansion—not punishing innovation. His message appears intended to reassure both the private sector and voters that he remains committed to American entrepreneurship and industrial competitiveness.
The timing is notable: Trump’s administration is finalizing the “One Big Beautiful Bill Act,” a legislative package that aims to reform federal spending, including a reevaluation of green energy incentives and corporate tax structures. Observers suggest this shift may reflect a desire to avoid alienating influential tech figures like Musk while still advancing fiscal policy goals.
As the 2025 race intensifies, Trump’s pivot toward Musk signals a broader strategy of courting business leaders while promoting a vision of an aggressively pro-American economic resurgence.
Sources: Fox News, Reuters, Business Insider, New York Post
