Elon Musk’s hatred with President Trump removes $152 billion from Tesla’s market cap
Only spent In a few hours, it took $152 billion worth from Tesla’s market capitalization, and more than $100 million from Trump’s currency.
The end of a craziest end between Elon Musk and President Donald Trump has been brewing for weeks, but the breakup took place on a nuclear deal on Thursday. Musk landed on the platform he owned, “a big bill” by Lambast Trump, which included rules that restrict immigration, restrict green energy subsidies and estimated to increase the U.S. deficit by $2.4 trillion. Trump shot the truth about the platform he owned, saying Musk was merely opposed to the bill because it would take away the electric vehicle tax credits that Musk company Tesla benefits from. He claimed it quickly turned into dozens of posts, most of which came from Musk, who claimed Trump was in the Epstein archive, which he claimed, why they have not been made public yet.
Tesla’s share price at about 14% at the time of writing, the largest one-day hit rate in years. Trump’s crypto coins fell by nearly 10%.
This is a high-risk divorce for everyone involved. Trump claims he will terminate Musk’s government subsidies and contracts, which will help make billions of dollars for companies like Tesla and Astronauts. In return, Musk said he will retire SpaceX’s Dragon spacecraft, which is used by NASA to transport cargo and astronauts to the International Space Station “immediately.” Trump ally Steve Bannon’s voice critics against Musk told the New York Times that he “recommends the president to cancel all Musk’s contracts and launch some investigations.”
“They should have formal investigations into his immigration status because I firmly believe he is an illegal alien and should be deported immediately,” Bannon said. According to reports, Musk may have lied about his visa form, which likely made him illegal to work in the United States in the 1990s.
Tesla’s inventory decline came in a delicate period for electric vehicle manufacturers. This month, the company will debut (and long-standing) Robotaxi service in Austin, Texas. Musk said investors should see Tesla as a robotics and autonomous vehicle technology company, rather than an electric car manufacturer, which is the ambitions of its autonomous technology and humanoid robots, rather than new car models, which is the center of its current $916 billion market capitalization. Bloomberg reported that the company aims to launch internally next week. Musk has repeatedly claimed that his AI company XAI will also release a new model soon, although the release has been postponed.
Tesla’s latest quarterly results in April were due to declines in production, delivery and sales, especially in Europe, with its worst in years. The company has shrunk its ambitions to produce more affordable electric vehicles, struggling to use new and advanced manufacturing technologies. Musk tried to leave the so-called Ministry of Government Efficiency (DOGE) position and return to his company, including Tesla, mostly full-time.
Musk denied Thursday that his face-to-face to Trump was related to electric vehicle subsidies. Since Musk joined Trump’s campaign, Tesla does not require a federal tax credit, which can reach $7,500 per car to sell its vehicles. But in X’s post, Musk betrayed Trump’s first annoyance. He wrote: “Even if there is no touch oil and gas subsidy (very unfair!), EV/solar incentives are kept in the bill, but the disgusting pork hills are abandoned in the bill.”
Since February, thousands of protesters have opposed Musk and Trump’s politics – from their climate stance to their actions, have gathered outside Tesla’s showrooms and service centers. The original grassroots movement now had a central organization and a name: Tesla Knockdown. On Thursday afternoon, organizers issued a three-word statement: “For Sale, For Sale, For Sale.”
