President Trump Holds Press Conference With Elon Musk in White House's Oval Office

Tesla CEO Elon Musk speaks alongside US President Donald Trump to reporters in the Oval Office (Kevin Dietsch/Getty Images)

Tesla sinks after Trump threatens to have “DOGE take a good, hard, look” at Musk subsidies

Elon Musk and Donald Trump are fighting in public again.

Rani Molla

7/1/25 4:50AM

It appears Tesla CEO Elon Musk has sufficiently poked the bear — again.

President Donald Trump took to his social media platform in the middle of the night to criticize Musk’s government subsidies, threatening to have the government organization — which, until very recently, Musk ran — look into cutting them.

“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote. “Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!” the president added.

Tesla plummeted as low as 6% in overnight trading but is now trading about 5% lower in the premarket.

The post comes after a slew of posts by Musk on his social media platform criticizing Trump’s “big, beautiful bill.” In one of the posts, Musk renewed his threat from the last time he and Trump publicly battled online to start his own political party if the bill goes through.

The tax bill is expected to have huge negative implications for Tesla, which has been on a tear since reporting earnings in late April, rising nearly 40% on optimism around its robotaxi launch. JPMorgan has said the pending legislation could eat into more than half of the EV company’s profits.

Tesla potentially has more tangible things to worry about: it’s reporting second-quarter deliveries tomorrow and analysts expect the numbers to be very bad.

Luke Kawa

12m

Super Micro sinks as Wall Street hates its trade-off of profitability for sales

Companies tied to the AI boom generally get rewarded for aggressively expanding capacity. That’s not the story this time.

Hyunsoo Rim3h

Pinterest sinks after weak revenue guidance and Q3 adjusted EPS misses estimates by 10%

Pinterest plunged nearly 18% in pre-market trading on Wednesday, after the company reported lower-than-expected earnings and a weak holiday-quarter forecast after the bell on Tuesday.

The social media platform posted adjusted EPS of 38 cents, below Wall Street's 42-cent estimates, while revenue matched analysts' expectations at $1.05 billion, up 17% from a year earlier.

The fly in the earnings ointment appears to be the guidance, however, with Pinterest only expecting Q4 sales of $1.31 billion to $1.34 billion, with the midpoint trailing analysts' $1.34 billion forecast.

Global monthly active users came in at an all-time high of 600 million, beating expectations, but average revenue per user came in at $1.78, slightly shy of projections. During the earnings call, CFO Julia Donnelly said the company saw "pockets of moderating ad spend" in the third quarter, as "larger US retailers navigate tariff-related margin pressure."

The company's soft results come as its peers, including Meta, Amazon, and Alphabet, recently reported strong digital ad sales.

CEO Bill Ready said Pinterest’s AI push is “paying off,” highlighting last week's launch of its AI-powered shopping assistant, Pinterest Assistant. Still, growth in its core North American market — which generates roughly three quarters of its revenue — remains a drag heading into the holiday season.

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The Q3 earnings report comes at a tumultuous time for the company.