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Tesla Shares Crash By Nearly 10% Amid War Of Words Between Elon Musk, Donald Trump
Tesla shares crashed by 10%
Shares of Tesla slid more than 8% on Thursday after US President Donald Trump and CEO Elon Musk traded barbs over the White House’s $4 trillion spending and tax bill.
Trump expressed disappointment with Musk’s criticism of the legislation while Tesla boss accused the US president of “ingratitude”.
The feud between the close allies began over Trump’s “big, beautiful bill”, which Musk called a “disgusting abomination”, sparking a rift between the two. As Musk’s criticism grew, Trump made his frustration apparent today.
The Tesla boss took to X to call on Americans to contact their lawmakers, writing, “Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.”
Responding to Musk’s sharp criticism, Trump said, “Look, Elon and I had a great relationship. I don’t know if we will anymore. I was surprised.”
Trump alleged that Musk was upset because the bill takes away tax benefits for electric vehicle purchases, while investors feared their souring relationship could hurt Musk’s sprawling business empire.
“Whatever,” Musk fired back as the president spoke.
“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” he posted on X.
Earlier this week, Musk warned, “America is in the fast lane to debt slavery. A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.”
The fall in shares comes after the EV maker saw a 22% rally in May despite weak sales numbers, with Musk wrapping up his time as head of Trump’s so-called Department of Government Efficiency, or DOGE.
Shares are down 12% this week as Musk has spoken out about the budget bill. This year, shares are down more than 20% and well off the high of $488.54 reached December 18.
Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He previously worked with Hindustan Times Digital (HTDS) and NDTV. He is interested in day to day political affairs in India …Read More
Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He previously worked with Hindustan Times Digital (HTDS) and NDTV. He is interested in day to day political affairs in India … Read More
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Washington D.C., United States of America (USA)
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