Trump Denies Plans to Undermine Elon Musk’s Companies Amid Fallout

U.S. President Donald Trump has dismissed claims that he intends to dismantle Elon Musk’s business empire by revoking federal subsidies, insisting he supports the billionaire entrepreneur’s success.

“Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large-scale subsidies he receives from the U.S. government. This is not so,” Trump wrote in a social media post. “I want Elon, and all businesses within our country, to thrive.”

The president’s comments come in the wake of a public dispute with Musk on June 5 over tax and spending policies. Just days ago, Musk warned Tesla investors that potential government subsidy cuts could result in “a few rough quarters” for the electric carmaker.

The rift between the two escalated after Musk, a major Trump campaign donor, stepped down in late May from his role leading the Department of Government Efficiency—a position he briefly held to help reduce federal spending and streamline the workforce.

Since then, relations have soured. Musk criticized Trump’s sweeping tax-cut and spending bill, prompting the president to threaten the cancellation of lucrative federal contracts held by Musk’s companies, including SpaceX.

Following the fallout, the White House reportedly instructed the Defense Department and NASA to review details of billions in contracts with SpaceX, raising concerns that Trump may be preparing retaliatory measures.

SpaceX, once a frontrunner in the president’s proposed $175 billion Golden Dome missile defense program, may now face stiff competition. Sources close to the administration say the White House is exploring alternative partners due to the growing tensions.