Tesla Shares Dip Amid Resurgence of Trump-Musk Feud
(MENAFN) Tesla’s stock dropped sharply on Tuesday, falling nearly 4% to $303.45, as tensions flared between CEO Elon Musk and US President Donald Trump. The dip, as of 1420 GMT, wiped out significant market value, slashing Tesla’s total capitalization to $947.2 billion.
This marks a continuation of Tesla’s recent downward trend, with shares losing approximately 11% over the past month. Much of this drop has been attributed to the ongoing clash between Musk and Trump, triggered by the passage of the “Big Beautiful Bill.”
The conflict reignited on Tuesday after Musk escalated his opposition to the bill, warning he would form a new political party if the omnibus legislation is approved by Congress. In response, Trump fired back with sharp comments, claiming that Musk would “head back home to South Africa” if electric vehicle subsidies were cut.
Trump’s remarks took a more extreme turn later, with the president stating he would consider deporting Musk, as the feud over the Republican-backed spending bill deepened.
“I don’t know. We’ll have to take a look,” Trump remarked when asked by reporters if he might move to deport Musk.
Once allies, the relationship between Trump and Musk has rapidly deteriorated since late May, when Musk first criticized the bill, leading to a highly public and bitter exchange.
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