{"id":15380,"date":"2025-06-03T21:35:48","date_gmt":"2025-06-03T21:35:48","guid":{"rendered":"https:\/\/topat10.com\/?p=15380"},"modified":"2025-06-03T21:35:48","modified_gmt":"2025-06-03T21:35:48","slug":"markets-tick-up-as-elon-musk-blasts-trump-tax-bill-as-disgusting","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=15380","title":{"rendered":"Markets tick up as Elon Musk blasts Trump tax bill as \u2018disgusting\u2019"},"content":{"rendered":"\n

Stocks may be out of their tariff doldrums, but the U.S. economy still faces a rocky road ahead. The Trump administration faced its latest rift on Tuesday, as one of the president’s most influential supporters, Elon Musk, denounced a Trump-backed tax bill as a \u201cdisgusting abomination.\u201d<\/p>\n

Despite the fireworks, investors were optimistic ahead of a teased meeting between Trump and Chinese President Xi Jinping, which White House aides have said<\/a> is likely to occur this week. The S&P 500 rose 0.58% on Tuesday, driven by tech stocks like Nvidia<\/a>, which rose 2.80%. <\/p>\n

Strained relations<\/h2>\n

After supporting Trump\u2019s run for a second term with massive donations and campaign appearances, Musk took the helm of the newly-created Department of Government Efficiency (DOGE), a role that let the Tesla<\/a> and SpaceX CEO embed himself deeply in the White House. But as Trump\u2019s aggressive tariff policies threatened his portfolio of companies, and high profile amid spats with other members of the White House, Musk began to distance himself<\/a> from the president in a series of public interviews.<\/p>\n

Musk\u2019s vocal rejection of Trump\u2019s so-called \u201cbig, beautiful\u201d bill in an X post on Tuesday, however, marked the deepest split between the two leaders. Last week, Musk announced<\/a> that he would leave the government after his time as a \u201cspecial employee\u201d expired, returning to leading Tesla, SpaceX<\/a> and his other ventures full-time.\u00a0<\/p>\n

In his post, Musk\u2014who has led the administration’s cost-cutting campaign\u2014characterized Trump\u2019s bill as \u201cpork-filled,\u201d adding that any lawmakers who voted for it \u201cknow you did wrong.\u201d The bill includes<\/a> steep tax cuts, reductions in spending on Medicaid and food assistance, and increased funding for the military and migrant deportations. Tesla\u2019s share price gained 0.46% on Tuesday and has risen around 55% since hitting a low around $220 in April. <\/p>\n

While Musk and Trump grow further apart, investors are watching another key relationship: Trump and Xi Jinping. The U.S. and Chinese governments have gone back and forth<\/a> on tariffs and export control<\/a> policies, causing stocks to see-saw over the past few months. But on Tuesday, stocks rose as investors anticipated a meeting that could help secure a trade agreement between the two countries, which had agreed<\/a> to scale back tariffs for 90 days in mid-May. <\/p>\n

Trump\u2019s crypto exploits were also back in the headlines on Tuesday amid reports that the president\u2019s team planned to launch<\/a> a digital wallet where users can store and swap cryptocurrencies, including Trump\u2019s self-branded memecoin. Eric Trump and Don Jr., who have led their father\u2019s crypto projects, denied any knowledge of the wallet\u2019s launch. Bitcoin rose 0.38% at the time of publication. <\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Stocks may be out of their tariff doldrums, but the U.S. economy still faces a rocky road ahead. The Trump administration faced its latest rift on Tuesday, as one of the president’s most influential supporters, Elon Musk, denounced a Trump-backed tax bill as a \u201cdisgusting abomination.\u201d Despite the fireworks, investors were optimistic ahead of a […]<\/p>\n","protected":false},"author":94,"featured_media":15381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-15380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nMarkets tick up as Elon Musk blasts Trump tax bill as \u2018disgusting\u2019 | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"Stocks rose ahead of a potential meeting between Trump and Xi Jinping.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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