Electric car maker Tesla’s CEO Elon Musk is currently in the middle of a war of words with US President Donald Trump. Both men have been trading barbs, insults, and threats against each other. This spat has been bad news for Tesla investors as the share price of the company have nosedived following this online fight.
On Thursday, as Musk and Trump were going at each other, Tesla shares dropped 14%, wiping out over $150 billion in market value. Notably, the stock has declined in four of the past five trading sessions. Before that, Tesla’s share prices were rising for a month or so after Musk confirmed that Tesla would testing an autonomous, driverless “robotaxi” service in Austin, Texas, in June.
The World’s most powerful man and the world’s most richest man, who were allies just a few days back, fell apart over Trump’s spending bill. Musk believes that there is a lot of wasteful expenditure in the bill that should be removed, while Trump calls it a ‘big beautiful bill’.
