One day after seeing their largest-ever one-day drop, Tesla shares recovered some losses Friday as the spat between CEO Elon Musk and President Donald Trump that exploded into public view Thursday took appeared to take a breather heading into the weekend.<\/p>\n
Shares in the electronic vehicle maker gained as much as 5% amid broader market gains following a report showing the U.S. added more jobs in May than forecast. <\/p>\n
Even with Friday\u2019s rally, Tesla shares are still down approximately 21% in 2025 \u2014 a decline that accelerated last week following Musk\u2019s departure from the Trump administration.<\/p>\n
Musk, the world\u2019s richest person and until recently Trump\u2019s cost-cutter-in-chief, said last week he was leaving as the head of his Department of Government Efficiency project to refocus on his businesses. <\/p>\n
Those companies \u2014 Tesla, the satellite and space-launch company SpaceX, the social media platform X and the brain tech startup Neuralink \u2014 have faced growing criticism as Musk oversaw deep cuts to the federal workforce. Tesla sales around the world have fallen sharply this year.<\/p>\n
Trump and Musk traded escalating insults Thursday afternoon, with the president threatening on his Truth Social platform to \u2018terminate Elon\u2019s Governmental Subsidies and Contracts.\u2019 Yet there was no sign of any follow through on the threat Friday. At the same time, a senior White House official told NBC News that Trump is \u201cnot interested\u201d in a call with Musk.<\/p>\n
Tesla stock closed more than 14% lower Thursday. The automaker is Musk\u2019s only publicly traded company \u2014 and one that the president tried to boost as recently as March, drawing sharp criticism on ethical grounds for turning the White House driveway into a car showroom just as the company\u2019s stock was plunging.<\/p>\n
The Trump-Musk rift has dented Tesla\u2019s stock anew after Musk slammed the GOP spending bill as \u2018a disgusting abomination\u201d in a post on X last week.<\/p>\n
\u2018Bankrupting America is NOT ok!\u2019 he wrote in another post, part of an ongoing barrage of public ridicule.<\/p>\n
Musk began speaking out after an electric-vehicle tax credit that would help incentivize Tesla purchases was not included in the bill, which is estimated to add $2.4 trillion to the national debt over 10 years. Musk has lobbied congressional Republicans for that tax credit, NBC News reported Wednesday.<\/p>\n
\u2018I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, doesn\u2019t decrease it, and undermines the work that the DOGE team is doing,\u2019 Musk told \u2018CBS Sunday Morning\u2019 over the weekend.<\/p>\n
As Trump spoke about the former DOGE chief in the Oval Office on Thursday alongside German Chancellor Friedrich Merz, Musk began firing off dozens of posts on X.<\/p>\n
\u2018Whatever,\u2019 he wrote. \u2018Keep the EV\/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill. In the entire history of civilization, there has never been legislation that both big and beautiful. Everyone knows this!\u2019<\/p>\n
Trump pushed back further on Musk\u2019s criticism.<\/p>\n
\u201cElon knew the inner workings of this bill better than almost anybody sitting here, better than you people. He knew everything about it. He had no problem with it,\u201d he said during the meeting with Merz. \u201cAll of a sudden he had a problem, and he only developed the problem when he found out that we\u2019re going to have to cut the EV mandate because that\u2019s billions and billions of dollars, and it really is unfair.\u201d<\/p>\n
As Trump continued speaking, Musk posted another comment: \u2018False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!\u2019<\/p>\n
Tech analyst Dan Ives said the EV tax credit isn\u2019t the main factor behind Tesla\u2019s stock slide. \u201cThe reason Tesla stock\u2019s off the way it is \u2014 and I think overdone \u2014 is because of the view that this means that Trump is not going to play nice when it comes to regulatory\u201d issues, he told CNBC on Thursday. The feud between the two men is \u201cnot what you want to see as a Tesla shareholder,\u201d Ives added.<\/p>\n
\u2018Where is this guy today??\u2019 Musk added Thursday in yet another post, resharing a compilation of Trump\u2019s past tweets including one in which Trump called the federal debt \u2018a national security risk of the highest order.\u2019<\/p>\n
\u2018Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,\u2019 Musk added on social media. \u2018Such ingratitude.\u2019<\/p>\n
Musk is the richest person on the planet, according to the Bloomberg Billionaires index. His net worth of $368 billion is $125 billion more than that of Meta CEO Mark Zuckerberg, who is ranked second. Musk spent $250 million supporting Trump\u2019s most recent campaign.<\/p>\n
The president quipped from the White House that he thinks Musk \u2018misses the place.\u2019<\/p>\n
\u2018I think he got out there and all of a sudden he wasn\u2019t in this beautiful Oval Office,\u2019 Trump said. \u2018He\u2019s got nice offices too, but there\u2019s something about this one.\u2019<\/p>\n
The president\u2019s own publicly traded company, Trump Media & Technology Group, has also suffered in the market. Shares of the Truth Social parent company fell more than 8% Thursday and are down over 41% so far this year.<\/p>\n\n
One day after seeing their largest-ever one-day drop, Tesla shares recovered some losses Friday as the spat between CEO Elon Musk and President Donald Trump that exploded into public view Thursday took appeared to take a breather heading into the weekend. Shares in the electronic vehicle maker gained as much as 5% amid broader market <\/p>\n","protected":false},"author":0,"featured_media":35676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-35675","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/35675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/comments?post=35675"}],"version-history":[{"count":0,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/35675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/media\/35676"}],"wp:attachment":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/media?parent=35675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/categories?post=35675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/tags?post=35675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}