Tesla shares tumbled after the world’s richest man and the US President reignited their social media war.
Elon Musk, the outspoken Tesla CEO and former White House advisor, took to social media to criticize President Donald Trump’s proposed tax and spending bill.
On X, formerly known as Twitter, Musk said the bill’s reported $3 trillion price tag would send the country into ‘DEBT SLAVERY.’
He threatened to fund primary campaigns against Trump-backed candidates that supported the bill.
Trump hit back with a series of threats, suggesting the federal government could launch investigations into Musk’s companies.
He even hinted at deporting Musk, who was born in South Africa.
‘Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,’ Trump posted on Truth social.
‘No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this?’
Tesla’s stock dropped around 5.5 to 7 percent in pre-market trading on Tuesday
Tesla’s stock fell between 5.5 and seven points in pre-market trading on Tuesday after the barbs. The stock is down nearly 13 percent in the past five days.
The carmaker didn’t immediately respond to DailyMail.com’s request for comment.
Tesla’s stock has been on a wild rollercoaster in 2025.
As Musk spent more time in Washington, shareholders worried that the automaker’s CEO was distracted.
At the time, Tesla was sifting through shrinking global sales, an aging vehicle lineup, and continued delays on long-promised technology updates.
The stock price fell to lows in March as these concerns snowballed. Some Democratic officials cheered.
But shares rebounded when Musk left his post as the head of the program-slashing DOGE in late May.
After Musk’s White House exit, investors quickly flooded the company with cash. The stock price rose 20 percent in a three-day period.
That momentum didn’t last. Investors yanked their funds as Musk’s relationship with President Trump initially soured.
In June, the stocks rose again when Musk seemed to have made up with the President. They had another spike when the company initially launched its self-driving Robotaxi service in Texas.
