WSJ Tech News Briefing TNB Tech Minute: Tesla Shares Plunge After Trump Threatens to Cut Subsidies
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Jun 5, 2025 Elon Musk faces off with President Trump, causing Tesla shares to take a nosedive due to threats over government subsidies. Meanwhile, the cryptocurrency sector is buzzing, with Circle making a splash in the stock market. Plus, Senate Republicans are stepping in to protect crucial NASA programs that are at risk of funding cuts. There's a lot happening in tech this week!
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Tesla Shares Plunge After Conflict
- Tesla shares plunged over 14% in a single day, wiping out $152.3 billion in market value.
- This was triggered by a public conflict between Elon Musk and President Trump about government subsidies and contracts.
Musk Threatens SpaceX Cutbacks
- Elon Musk responded to Trump's threat by announcing immediate decommissioning of the SpaceX Dragon spacecraft.
- This spacecraft has been key in transporting NASA astronauts to the ISS, highlighting the tension's impact on space operations.
NASA's Future Amid Tensions
- Senate Republicans aim to protect NASA from proposed budget cuts, focusing on key programs like Artemis.
- However, uncertainty remains over NASA leadership after Trump's sudden withdrawal of a Musk-backed nominee.