:max_bytes(150000):strip_icc()/GettyImages-2211862029-62fe2aafc40c4db29a13bb6d38436d86.jpg?w=1920&resize=1920,1267&ssl=1 "Tesla Stock Sinks as Trump-Musk Relationship Falls Apart in Public Spat")
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key takeaways
- Tesla’s shares as a public spat between CEO Elon Musk and President Donald Trump extended over 14% on Thursday.
- Since leaving its role in the Trump administration last week, Musk has repeatedly attacked the Trump-supported budget reconciliation bill which is currently doing its work through the Congress.
- Trump on Thursday called Musk a “crazy” and threatened to cut federal contracts with Musk’s companies in a series of truth social positions.
Tesla’s shares fell over 14% on Thursday, falling for a second straight day, as a public spat between CEO Elone Musk and President Donald Trump increased.
Thursday’s decline erased more than $ 150 billion from Tesla’s market capitalization, and removed the company from a small group of public companies over $ 1 trillion.
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.
“Without me, Trump must have lost the election,” Musk posted after minutes.
Trump later called Musk “crazy” and threatened to cut federal contracts with Musk’s companies in a range of positions on his true social stage.
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 the weak sales, some analysts have pointed to the expected launch of a completely autonomous Tesla ride in Austin, Texas, as a positive catalyst for stock next week.
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. It has lost about one third of its value since the beginning of the year.
This article has been updated as it was first published to include additional information and reflect recent share price values.
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