US President Donald Trump has criticized the government subsidies provided to Elon Musk and his companies like Tesla and SpaceX. This proposal could significantly impact Musk's financial interests.
Trump's Criticism of Subsidies
On July 1, Donald Trump proposed eliminating government subsidies granted to Elon Musk. Trump asserts that Musk has received more subsidies than anyone else in history and has called on the Department of Government Efficiency to evaluate these supports.
Trump stated, "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts."
Elon Musk's Response
Elon Musk quickly responded to Trump's comments on social media, saying, "Cut them all, now." This statement indicates his defiant position in response to the criticism. Markets reacted sharply, with Tesla's worth declining, highlighting how closely the company's fortunes are tied to federal policies.
Historical Context and Dogecoin Market Update
Interestingly, the Department of Government Efficiency was originally created at Musk's suggestion, showcasing his previous role in budget discussions. According to CoinMarketCap, Dogecoin (DOGE) is priced at $0.16 with a market cap of $24.37 billion. In the last 24 hours, its trading volume reached $803.47 million, marking a 2.63% decrease. Recent performance shows a 15.23% drop over the past 30 days.
The proposal to cut subsidies could lead to significant changes in funding mechanisms and relationships, particularly for Tesla and SpaceX. It also raises questions about corporate-state relations.
