Trump is looking to set the record straight on his stance on Elon Musk's companies. The president said he wanted Elon's businesses to "thrive."

But as Trump’s new laws come into force, it seems that he is reigning regulatory blows down on his old pal’s business. In an attempt to play down the consequences, even Musk admits Tesla is likely to suffer “a few rough quarters” during what he calls “a weird transition period where we’ll lose a lot of incentives” to buy his cars.