"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 U.S. Government," Trump wrote in a post on Truth Social.

Shares in Tesla were down in premarket trading as the carmaker lays out the risks from President Trump’s tariffs and his scrapping of tax credits.

Musk said the success of the service was critical to the future of Tesla.