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Chanos: Tesla Has A Lot To Lose In The Budget Bill
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June 11, 2025
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June 11, 2025
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18:20Now PlayingChanos & Co. founder Jim Chanos discusses the outlook for the US stock market, his views on Tesla and why he is betting against Carvana. Speaking with Scarlet Fu on Bloomberg, Chanos also responds to Michael Saylor dismissing his recommendation to short the shares of Strategy and buy Bitcoin.
Elon Musk issued his strongest sign of contrition yet over his handling of the dramatic break with Donald Trump, days after a call with two of the president’s top allies.
Vice President JD Vance and White House chief of staff Susie Wiles called Musk last Friday to urge him to end his conflict with Trump, said people familiar with the conversation. The call was first reported by the Wall Street Journal.
Musk served as a close adviser and confidant to Trump until a bitter public falling-out last week, which caused a firestorm for the president and the world’s richest person.
“I regret some of my posts about President @realDonaldTrump last week,” Musk posted Wednesday on his social-media platform, X. “They went too far.”
The Tesla Inc. chief executive officer called the president before his public expression of regret, the New York Times reported Wednesday.
The dispute — which was triggered by Musk’s opposition to the tax-cut bill Trump is pushing through Congress — posed a threat to Musk’s wealth when the president raised the prospect of retaliating by cutting off his government contracts. That would have battered SpaceX, his rocket company.
“I thought it was very nice that he did that,” Trump said in a brief interview with the New York Post, without elaborating on whether he would fully let go of the feud.
The stock price of Musk’s Tesla Inc. tumbled Thursday after the spat, before recovering most of the loss. On Wednesday in the hours after his post, shares rose less than 1% as of 1:47 p.m. in New York.
The stock has slid almost 18% so far this year as investors weighed up the damage from his previous embrace of Trump, which turned off car buyers across the US, Europe and other markets, as well as the subsequent risks caused by his messy falling-out with the president.
Musk was first to stand down from what had been an escalating spat, responding to advice from those online to de-escalate after it rapidly veered out of control. He had riled Trump by claiming credit for his election victory, endorsing his impeachment and even suggesting the president was implicated in the sex crimes of Jeffrey Epstein.
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