Tesla loses billions in market value amid public feud between Elon Musk and President Trump
NEW YORK (Gray News) - Tesla stock tanked in trading on Thursday amid the imploding relationship between company CEO Elon Musk and President Donald Trump.
U.S. stocks drifted lower on Thursday overall with Tesla carrying the day’s heaviest weight on the market, losing 14.3% and wiping away about $150 billion from its market value.
Tesla has reportedly lost nearly 30% of its value so far this year as Musk’s relationship with Trump has also suddenly soured amid a disagreement over the president’s signature bill of tax cuts and spending.
Trump said Thursday that he was “disappointed” in his former backer and adviser.
Analysts are tying this week’s Tesla stock drop to the public feud between Trump and Musk.
The two have been engaging in a social media feud since Musk left his government position, with Trump threatening to cut Musk’s contracts.
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