Elon Musk goes berserk! Tesla shares plummet 14%
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Elon Musk has once again criticized a new policy proposal supported by US President Donald Trump. The entrepreneur and world's richest man called the new rules crazy and destructive.
The rules Musk is referring to involve tax hikes on various energy projects, including solar energy, batteries, geothermal, wind, and nuclear power. The bill would also provide new subsidies for coal used in steel production.
As a point of information, Tesla, which Musk owns, produces, sells, and installs battery energy storage systems and solar photovoltaic systems. This is done through its energy division.
"The latest Senate bill will eliminate millions of jobs in America and cause significant strategic losses for our country," Musk said in a post on his X account, as quoted by CNBC International on Sunday (June 29, 2025).
"It's absolutely crazy and destructive. This policy is helping industries of the past while severely damaging industries of the future," he added.
This is the second time he has strongly criticized Trump's policies, following his initial criticism of the One Big Beautiful Bill some time ago. The criticism has strained his relationship with Trump, whom he strongly supported in last year's US election.
Previously, he described the bill as "disgusting." Musk also urged lawmakers not to proceed with its discussion.
Not only has his relationship with Trump been damaged, but Tesla's stock has also plummeted by 14%. CNBC International noted that this occurred after his initial criticism and Trump threatened to review and withdraw government contracts from Musk's company.
A few days later, Musk changed his stance. He no longer criticized the bill but instead expressed regret for posting certain messages.
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