Trump denies targeting Elon Musk, says he wants Musk's companies to 'thrive like never before'

Amid a public spat with business magnate Elon Musk, US President Donald Trump has clarified that he harbors no ill will toward the SpaceX founder and wants his businesses to flourish.

“Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large scale subsidies he receives from the US Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before! The better they do, the better the USA does, and that’s good for all of us. We are setting records every day, and I want to keep it that way!” Trump wrote on Truth Social.

He emphasised that the nation's prosperity is tied to the success of its businesses and that strong corporate performance ultimately benefits all Americans.

Despite the conciliatory tone, the Trump campaign has signaled a shift in approach toward Musk’s ventures. On July 23, White House press secretary Karoline Leavitt said Trump does not want federal agencies to contract with xAI, Musk’s artificial intelligence startup.

If enacted, such a directive could mean significant lost opportunities for xAI in the federal contracting space.

Meanwhile, Tesla stock took a 9% hit in mid-morning trading on July 24 after the company reported weak earnings and flagged concerns over potential impacts from Trump’s newly signed tax legislation on future performance.