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Tesla shares dropped over 6% as Elon Musk and Donald Trump clashed publicly over subsidies and a major spending bill.
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Updated : Jul 01, 2025, 11:46 PM IST
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Tesla’s shares dropped by over 5% on Tuesday after a public dispute between President Donald Trump and billionaire Elon Musk created shockwaves in the financial world. Trump suggested that the government should take a closer look at the subsidies Musk’s companies receive, which include Tesla and SpaceX. The conflict began after Musk criticised Trump’s latest spending bill and threatened to launch a new political party in response. This dispute had a significant financial impact, causing Musk’s personal fortune to drop by USD 12 billion in just one day. Following Trump’s remarks, Tesla’s stock fell more than 6%, dropping below the USD 300 mark, which is the lowest it has been in three weeks. Trump accused Musk of receiving more government help than “any human being in history,” hinting that Musk's companies might not survive without it.
Despite the massive loss, Musk is still the world’s richest man, with a fortune of around USD 395 billion, still about USD 130 billion ahead of Oracle co-founder Larry Ellison, the second-richest person.
Since the end of May, Tesla’s shares have fallen by 13%, while the broader S&P 500 stock index has gone up by 5%. Analysts suggest that this ongoing clash between Musk and Trump is creating uncertainty for investors. Wedbush analyst Dan Ives described the situation as a “soap opera” that continues to put pressure on Tesla's performance.
The fight started when Musk criticised Trump’s key spending plan on his social media platform X. He warned that if the bill was passed, he would create a new political group called the “America Party.” Trump hit back on Truth Social, saying that Musk’s companies might have to “close up shop” without subsidies and joking that Musk could be forced to “head back home to South Africa.” He added that a government body called the Department of Government Efficiency (DOGE), which Musk once led, should investigate how much taxpayer money goes to Musk’s companies.
Musk responded strongly, saying, “I am literally saying CUT IT ALL. Now,” showing he is ready to give up all federal support.
Trump also reminded the public that he has always been against the electric vehicle (EV) mandate, saying, “Electric cars are fine, but not everyone should be forced to own one.” His comments suggest a clear difference in views between him and Musk, once considered political allies.
