Tesla shares came under pressure on Tuesday after President Donald Trump posted on social media late Monday, calling for a federal review of subsidies granted to Elon Musk’s companies.

“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. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,” the United States President posted on Truth Social.

“DOGE” refers to the Department of Government Efficiency, a short-lived initiative led by Elon Musk early in Trump’s administration before he stepped down in late May.

Tesla’s stock fell over 5% in premarket trading Tuesday, amid concerns that Musk’s other ventures—such as SpaceX and Starlink, which depend heavily on government contracts and policies—could also be affected.

Musk, who joined Trump on the campaign trail in 2024, has been vocal in his opposition to the tax and spending bill moving through Congress.

The measure is expected to scale back federal support for green energy and electric vehicles, while pushing the federal deficit higher than current projections.

On the social media platform X, Musk replied to a screenshot of Trump’s post, writing, “I am literally saying CUT IT ALL. Now.”

Musk’s opposition to the administration’s spending plans was a key factor in a public clash with Trump in early June, which triggered a drop in Tesla’s stock.

While the tensions appeared to ease and shares recovered more than 11% since June 5, Musk has resumed his criticism—this time targeting both the tax bill and the Republican Party.

On Monday, he wrote on X, “time for a new political party that actually cares about the people.”