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Business & Economy
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Business & Economy
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Tesla stock tanks as Trump, Musk rage
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Tesla shares plunged Thursday after tensions between President Trump and Elon Musk erupted over social media.
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What began as Trump responding to Musk’s growing criticism of the president’s tax and spending bill turned into a vicious fight between the president and the world’s richest man.
Tesla closed with a loss of 14.6 percent as the market closed and the dust settled Thursday afternoon.
After Trump ripped his former adviser, Musk claimed Trump would not have won the 2024 election without his support and floated the idea of forming a centrist political party.
Trump then called Musk “crazy” and threatened to scrap billions of dollars in federal contracts with the tech mogul’s companies, which prompted Musk to accuse Trump of being mentioned in classified files regarding Jeffrey Epstein.
The Hill’s Julia Shapero has more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Former presidential adviser and confidante Elon Musk escalated his growing feud with President Trump by saying the president’s tariffs would result in a recession later this year.
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Elon Musk said Thursday his aerospace company SpaceX will ground Dragon, the spacecraft NASA uses to service the International Space Station amid his falling out with President Trump.
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Rep. Pete Sessions (R-Texas) lamented the deficit spending in the GOP’s “big, beautiful” spending package but framed the issue as a necessary compromise to avoid having to negotiate with Democrats.
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GOP senator: Medicare changes on table for Trump bill
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Sen. Thom Tillis (R-N.C.), a member of the Senate Finance Committee, said Thursday that GOP lawmakers are looking at changes to Medicare to root out waste, fraud and abuse.
Republican senators are taking a closer look at finding savings in Medicare to increase the total amount of deficit reduction in President Trump’s “big, beautiful bill,” Tillis said a day after the Finance panel met with Trump at the White House.
The Congressional Budget Office released a report this week estimating that the House-passed 1,116-page bill would add $2.4 trillion to the national debt over the next decade.
Tillis said overhauling systems at the Centers for Medicare and Medicaid Services (CMS) could save a substantial amount of money without impacting Medicare benefits, which Trump has said should not be cut.
“Waste, fraud and abuse, you’ve got upcoding,” Tillis said. “Even in the plumbing of CMS — and by that I mean, procurement, matching up contracts, duplicate payments — there are a number of things that I think that we could find that never touch a beneficiary of Medicare or Medicaid that we’re going to go after.”
The Hill’s Alexander Bolton has more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we’re watching:
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- The Bureau of Labor Statistics will release the jobs report for May on Friday at 8:30 a.m. EDT
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Branch out with more stories from the day:
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WASHINGTON (AP) — Donald Trump and Elon Musk’s alliance took off like one of SpaceX’s rockets. It …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 closes lower as Tesla shares tumble, traders weigh Trump-Xi talk (CNBC)
- Stablecoin bigwig Circle soars in debut on the New York Stock Exchange (The Associated Press)
- Americans are filing for Social Security at record rates. Here’s why. (CBS News)
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Top stories on The Hill right now:
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Billionaire Elon Musk alleged that President Trump has ties to convicted sex offender and financier Jeffrey Epstein as the part of his growing feud with the president, a fight that boiled over and turned personal on Thursday. Read more
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The feud between President Trump and Elon Musk grew exponentially more bitter on Thursday. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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