On Tuesday local time, the three major U.S. stock indices opened lower, with the Dow Jones Industrial Average falling by 0.17%, the Nasdaq Composite dropping by 0.39%, and the S&P 500 index declining by 0.27%. Nvidia fell more than 1%, while Circle, a stablecoin issuer, rose by more than 2%. The Vantage Daily U.S. Technology Seven Giants Index fell by more than 0.5%, and the Nasdaq China Golden Dragon Index opened up about 0.1% at 7341.66.
Tesla’s pre-market trading on U.S. stocks was down more than 6%, with the opening decline widening to 7.1%, marking the largest single-day drop since June 5. As of the time of writing, the decline had narrowed to 4.06%.
Following last weekend when Tesla CEO Elon Musk posted dozens of tweets on social media X, fiercely criticizing the Trump administration’s “big and beautiful” tax and spending bill, President Donald Trump retaliated today, escalating the “Elon vs. Trump” feud.
In the early hours of July 1st Eastern Time, President Trump posted on his social media platform “Reality Social”: “Before Elon Musk strongly supported my presidential campaign, I already knew I strongly opposed the ‘electric vehicle mandate’. It’s absurd, it has always been a main part of my campaign. Electric vehicles are fine, but they shouldn’t be forced on everyone.”
Elon Musk’s subsidies could far exceed any in history. Without subsidies, Musk might have had to shut down and return to his home in South Africa.
Trump concluded: “If we don’t have launches, satellites, or electric vehicle production anymore, we can save a lot of money for our country. Maybe we should let the Department of Government Efficiency carefully review this matter? We could save a lot of money!!!”
According to media reports, at the beginning of last month, Trump publicly broke off relations with Musk, who had previously served as the head of the Department of Government Efficiency under Trump. Both parties had engaged in public debates and social media posts during their exchanges. At that time, Trump had threatened to cancel government contracts with companies owned by Musk. However, there were signs of rapprochement between the two afterward. But recently, as the “big and beautiful” bill made its way through the Senate, Musk continued to post critical comments against the bill.
After posting today, according to foreign media reports, when asked if he would “eject Musk from the country,” Trump replied “we need to think about it,” and threatened, “We may need to keep an eye on Elon (referring to Musk)”.
After facing a series of attacks, Musk also did not back down quickly, posting again on social media questioning the “big and beautiful” bill, saying: “This is ostensibly meant to expel illegal immigrants, but clearly also causes many other abuses of power by the president. Should this be allowed?”
Urban Express, News, Shanghai Securities News, Global Times
Editor: Xiang Jiaqing
Editor-in-Chief: Xie Zhen
Reviewer: Dai Yu