Elon Musk, CEO of Tesla Inc., has publicly criticized President Donald Trump’s One Big Beautiful Bill, calling it “utterly insane” and “destructive”. Musk’s criticism comes amid an ongoing public disagreement with President Trump, who supports the bill.
What’s at Stake
The bill proposes tax hikes on various energy projects, including:
- Solar energy
- Battery energy storage systems
- Geothermal energy
- Wind energy
- Nuclear energy
These tax hikes could negatively impact Tesla’s business operations and future growth, as the company has significant interests in battery energy storage systems and solar photovoltaics.
Musk’s Concerns
Musk expressed his concerns about the bill on his personal social media platform, stating that it “will destroy millions of jobs in America and cause immense strategic harm to our country!”. He also criticized the bill for favoring “industries of the past” over future industries.
Quotes from Elon Musk
The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!
Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.
Musk also referred to a poll, saying:
Polls show that this bill is political suicide for the Republican Party.
Impact on Tesla
The public criticism from Musk has led to a strain in his relationship with President Trump. Following Musk’s comments, Tesla’s shares fell by 14% after the president threatened to review government contracts awarded to Musk’s companies.
Why it Matters
Musk’s criticism of the Senate’s domestic policy package is significant, given his position as the CEO of Tesla, a company heavily invested in renewable energy. The proposed tax increases on energy projects could potentially impact Tesla’s business operations and future growth.
Ongoing Situation
The public feud between Musk and President Trump has already had a noticeable impact on Tesla’s share price. This ongoing situation highlights the potential risks and uncertainties faced by companies in the renewable energy sector. Despite expressing regret over some of his posts, Musk continues to voice his opposition as the legislative debate over the bill approaches.