June 5 (UPI) -- President Donald Trump on Thursday threatened to cut Elon Musk 's government contracts through Tesla amid his departure from his role cutting government spending and opposition to Trump's sweeping legislative agenda bill.

Trump threatened to end all government contracts with the Musk-founded Tesla in a post on Truth Social and suggested that would be a fast way to reduce government spending.

"The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's governmental subsidies and contracts," Trump wrote.

Tesla share prices declined by more than 14% on Thursday and shed $152 billion in value from the EV maker.

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