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Shares of Tesla (TSLA) experienced a significant drop on Thursday as tensions seemingly escalated between CEO Elon Musk and President Donald Trump. The stock plummeted, marking one of its worst trading days in over a decade.
Key Takeaways
- Tesla’s stock price closed down 14.2% at $284.70 on Thursday.
- The decline marks Tesla’s 11th-worst single-day trading performance since its 2010 IPO.
- The downturn coincided with public criticism from Musk regarding Trump’s policy bill.
- Trump responded to Musk’s remarks, hinting at a strained relationship.
Musk’s Criticism Fuels Market Concerns
Musk has been vocal about his opposition to Trump’s policy bill, labeling it as “massive, outrageous” and “pork-filled” in numerous posts on X (formerly Twitter). His direct engagement with a 2013 tweet from Trump himself, criticizing Republican debt ceiling extensions, further intensified the situation.
President Trump addressed the growing discord, stating that while he previously enjoyed a “great relationship” with Musk, he was unsure about its future.
Analyst Perspective
Wedbush analyst Dan Ives described the situation as a “jaw-dropping” shock to the market, emphasizing the fear instilled in Tesla investors by the deteriorating relationship between Musk and Trump.
Financial Impact
The stock slide significantly impacted Musk’s personal wealth, reducing his net worth by an estimated $25.5 billion to $389 billion, according to Forbes’ calculations.
Recent Performance Context
Despite this recent setback, Tesla’s stock had seen a positive surge in May, climbing 22% following Musk’s commitment to remain as CEO for the next five years and his departure from a White House role.
Looking Ahead
President Trump is pushing for Republican senators to approve his policy bill by a July 4 deadline.
Sales Decline
Adding to the concerns, Tesla’s sales figures for May revealed a decline in key markets, including the U.K., Germany, Italy, and China. Notably, U.K. sales dropped by over 45%, contrasting with an overall industry increase of 28%.
Robotaxi Launch
In other news, Tesla is set to launch a robotaxi service in Austin, Texas, in June, utilizing a fleet of approximately 20 self-driving Model Y vehicles. This launch comes amidst ongoing scrutiny of Tesla’s self-driving software, including multiple investigations by the National Highway Traffic Safety Administration into the Autopilot feature.
Background
Musk’s recent criticisms of Trump’s policy bill follow his time in the White House leading the Department of Government Efficiency. While both parties described his departure as amicable, with Musk remaining an advisor, analysts had previously expressed concerns about Musk’s focus on government duties at the expense of his leadership at Tesla.