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WSJ Tech News Briefing

TNB Tech Minute: Tesla Shares Plunge After Trump Threatens to Cut Subsidies

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.61.6K Ratings

🗓️ 5 June 2025

⏱️ 3 minutes

🧾️ Download transcript

Summary

Plus: Senate Republicans try to shield NASA programs slated for funding cuts. And Circle shares pop post-IPO. Victoria Craig hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Americans love using their credit cards, the most secure and hassle-free way to pay.

0:04.0

But DC politicians want to change that with the Durban Marshall Credit Card Bill.

0:08.0

This bill lets corporate megastores pick how your credit card is processed,

0:13.0

allowing them to use untested payment networks that jeopardize your data security and rewards.

0:18.0

Corporate megastores will make more money and you pay the price.

0:22.1

Tell Congress to Guard Your Card because Americans lose when politicians choose. Learn more at

0:28.1

guardyercard.com.

0:31.2

Here's your TNB Tech Minute for Thursday, June 5th. I'm Victoria Craig for the Wall Street Journal.

0:37.1

Shares of Elon Musk's Tesla plunged

0:39.4

more than 14% today. The sell-off wiped $152.3 billion from its market value, the biggest drop on

0:47.4

record. The move came as the company's billionaire CEO traded sharp barbs with President Trump,

0:52.9

which resulted in the president threatening to

0:55.3

eliminate government subsidies and contracts for Musk's businesses. On Truth Social, President Trump

1:00.7

posted, quote, the easiest way to save money in our budget, billions and billions of dollars,

1:06.5

is to terminate Elon's governmental subsidies and contracts. On X, Musk responded that in light of the

1:12.6

president's remarks, SpaceX will begin immediately decommissioning its dragon spacecraft,

1:18.0

which has been used to transport NASA astronauts to and from the International Space Station.

1:23.3

What began with Musk's criticism of the GOP budget bill now threatens to rupture one of the most consequential political relationships in recent history.

1:32.3

Meanwhile, NASA is also caught in the middle of President Trump and Elon Musk's fraying relationship and between competing ideas about its future.

1:41.3

Senate Republicans are working to shield the U.S. Space Agency from some of the

1:45.1

White House's large proposed cuts. People familiar with the matter told the journal there's been

1:49.9

discussion about directing around $10 billion in funding toward programs that are slated for reductions,

...

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