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President Donald Trump warned on Saturday that there would be "serious consequences" for Elon Musk if he were to fund Democratic candidates. The president made the remark during a phone interview with NBC News.

"If he does, he’ll have to pay the consequences for that," Trump told NBC News. However, according to the outlet, Trump did not detail what the consequences would be.

This is a developing story. Please check back for updates.

Rachel Wolf is a breaking news writer for Fox News Digital and FOX Business.