Is the tide turning on the ‘Big, Beautiful Bill’? | Forexlive
Is Elon Musk having buyer’s remorse?
The world’s richest man spent a fortune (at least a fortune in terms of the rest of us) to secure the US election for Trump. He followed that up by creating DOGE and failing to find much in the way of savings while destroying his personal brand.
Was it all for nothing? Elon is increasingly speaking out against the Republican budget bill.
The thing is, the only thing the bill really cuts is EV and green incentives, something that’s massively enriched him and was the foundation of his company. At the same time, the headlines continue to roll in about poor Tesla sales.
We’ve already had the US downgraded over this bill and now there is opposition from within the Republican party. Can they still get it across the finish line?
We’ve seen some selling in stocks in the aftermath of this and I suspect this is the cause. If Republicans have to go back to the drawing board, the bill is likely to be less-generous and less-stimulative for the economy. On the flipside, a more-responsible budget could lift the US dollar.
Update: The White House responds with, “The president already knows where Elon Musk stood on this bill, it doesn’t change the president’s opinion.”
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