REPORT: Tesla shares plummet as Trump, Musk feud goes nuclear

June 6, 2025

From the New York Post: Tesla on Thursday suffered its worst single-day drop in more than four years as CEO Elon Musk’s feud with President Trump went nuclear.

Shares in the electric vehicle maker tanked $47.35, or 14%, to $284.70, wiping out $153 billion in market value.

Aside from the caustic back-and-forth between the Leader of the Free World and the world’s richest man, Tesla investors bailed over the possible loss of EV tax credits worth as much as $7,500 that was passed by the House in the Trump-backed “Big Beautiful Bill.”

The demise of the EV tax credits, which still needs Senate approval, could hit Tesla’s annual profit by $1.2 billion, JPMorgan analysts said Thursday.

The report explains that Tesla’s shares had experienced a 22% rally through May, before Musk started protesting about Trump’s bill. But now, after the fiasco on Thursday, Tesla stock is reportedly down 25% for the year, and Musk has lost a whopping $26.6 billion.

His net worth still sits at $3879 billion.

Tesla stock falls nearly 14% after Elon Musk claimed Donald Trump was in the Epstein Files pic.twitter.com/DdDBv2hQbD

— Pubity (@pubity) June 5, 2025

Shares of Tesla fell 14% on Thursday as President Donald Trump threatened to pull government contracts for CEO Elon Musk’s companies, escalating a war of words over the spending bill.

The move dropped the EV maker $152 billion in value, the biggest hit to its market cap ever,… pic.twitter.com/b7DiuCNK8y

— CNBC (@CNBC) June 5, 2025