:max_bytes(150000):strip_icc()/GettyImages-2211862029-62fe2aafc40c4db29a13bb6d38436d86.jpg?w=1920&resize=1920,1267&ssl=1 "Tesla Stock Is Sinking. Trump-Musk Tensions Are Just One Reason Why.")
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key takeaways
- Tesla expanded Wednesday’s decline on Thursday.
- This week’s reports showed that sales continue to decline in many European countries, and CEO Elone Musk criticized President Trump’s signature budget law.
- The recent decline has refunded some of Tesla’s profit in April after CEO Elone Musk, saying he would spend more time in his companies.
Tesla’s shares fell on Thursday, falling for a second straight day, between CEO Elon Musk and a public spat between President Donald Trump.
Expanding Wednesday’s decline, the stock was 8% below in recent trading. It has lost about one-fourth of its value since the beginning of the year.
Musk left his role in the Trump administration last week. He has since been doing his work through the Congress on the Trump-Samvadds Budget Reconciliation Bill, called it “disgusting disgusting”, and urged the Senate to “kill the bill”. At an event with the Chancellor of Germany on Thursday, Trump said he is “very disappointed” in Musk’s recent attacks.
Trump said that “knew everything” about the musk bill, and claimed that Tesla’s CEOs only turned against the bill because it would make electric vehicle mandate and programs due to cuts.
“Elon and I had a great relationship,” said Trump. “I don’t know if we will do anymore.”
“Whatever it is,” Musk said in a post responding to a video of Trump’s comments. “Keep the EV/solar incentive cut in the bill, even though no oil and gas subsidy is touched (very inappropriate !!), but dig the mountain of disgusting pork in the bill.”
In a separate post, Musk called Trump’s claim that he knew about the details “wrong” about the bill and said that Congress members did not read it before voting on it.
Tesla has also received more disappointing sales news in recent times: Auto industry groups in many European countries have reported sales data for May that show the decline in Tesla’s sales as the overall EV sales had increased. Despite weak sales, some analysts have indicated the planned launch of a completely autonomous Tesla ride in Austin, Texas this month as a positive catalyst for stock.
The recent decline of the stock after Musk in April has refunded some of Tesla’s profit, saying he would spend more time in his companies, and would leave the Trump administration in May.
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