BREAKING NEWS: US President Trump threatens to cut off Elon Musk’s federal subsidies. That could cost Tesla and SpaceX billions.

President Trump on Thursday suggested cutting off federal subsidies and contracts to Elon Musk’s companies, escalating a feud between the president and the world’s richest person.

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“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Mr. Trump wrote on Truth Social.

Following through on the threat could cost Musk billions. His two largest companies, SpaceX and Tesla, both benefit from a wide array of government programs ranging from lunar launch contracts to electric car incentives.

Musk answered Mr. Trump with a threat of his own, vowing to cut off SpaceX’s manned spacecraft program. Investors appear to be taking the squabble seriously: As the two men traded barbs Thursday, Tesla’s share price tanked 14%.

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