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Tesla Stock Plummeted on News of Trump and Musk Feuding [WATCH]

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June 7, 2025
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Shares of Tesla Inc. dropped sharply Thursday as tensions escalated between CEO Elon Musk and President Donald Trump over federal spending and government contracts.

Tesla stock fell as much as 17% in early trading before recovering slightly to close down approximately 14% for the day.

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The stock remains down around 30% for the year.

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The market turbulence followed a public statement from President Trump on Truth Social, where he suggested the federal government could significantly reduce spending by ending Tesla’s access to subsidies and contracts.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” President Trump posted.

“I was always surprised that Biden didn’t do it!”

The president also addressed Musk’s departure from the administration’s economic advisory team and criticized federal electric vehicle mandates that had previously benefited Tesla.

“Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump added.

The remarks mark a further deterioration in the relationship between the president and the Tesla CEO, which had already been strained in recent months.

Musk had previously served on Trump’s business advisory council before stepping away.

Tesla’s downturn comes amid increased consumer backlash and reports of vehicle vandalism.

The automaker has faced boycotts from consumers in recent months, which analysts say may be linked to Musk’s changing political associations and the broader debate around electric vehicle mandates.

Attorney General Pam Bondi has previously defended Tesla, warning that crimes against the company and its vehicles would be treated as serious federal offenses.

Her comments followed a wave of reports involving vandalized Teslas in several states.

“The days of committing crimes without consequence have ended,” Bondi said.

“Let this be a warning: if you join this wave of domestic terrorism against Tesla properties, the Department of Justice will put you behind bars.”

Bondi’s statements came as part of broader federal efforts to crack down on politically motivated property damage, especially when it involves federal partnerships or infrastructure.

In the aftermath of Tesla’s stock plunge and Musk’s dispute with the White House, some Democrat lawmakers have publicly floated the idea of courting Musk to their side of the aisle.

“We should ultimately be trying to convince him that the Democratic Party has more of the values that he agrees with,” Rep. Ro Khanna (D-CA) said.

“A commitment to science funding, a commitment to clean technology, a commitment to seeing international students like him.”

Khanna’s comments reflect a growing awareness among Democrats that Musk, despite clashing with their party in recent years, could play a strategic role in shaping future technology and energy policy—if political ties were mended.

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