Tesla stocks fall by 5% amid Trump-Musk feud, $12.4 bn washed away
The Trump-Musk feud over the ‘Big Beautiful Bill’, the US president’s ‘close shop, back to Africa’ statement about Musk has not boded well for the Tesla stocks.Tesla’s stock prices fell by $16.95 (5.34%) to close at $300.71. This resulted in Elon Musk losing $12.4 billion (~₹1.06 lakh crore) on Tuesday. Musk’s net worth fell to $351 billion in a single day. However, Musk still leads as the world’s richest.Know about Trump-Musk new feudThe feud began when tech billionaire Elon Musk opposed the Trump administration’s ‘Big Beautiful Bill’ on Tuesday, stating that it would burden taxpayers and announcing that he would launch a new ‘America Party’ the day after the bill is passed.In response, Trump said that Elon Musk should “go back to South Africa, where he came from”.Escalating the issue further, the US president also remarked that they might consider deporting Musk, although Musk has been a US citizen since 2002.Following Trump’s remarks, Musk responded on X, his social media platform, stating, “So tempting to escalate this. So, so tempting. But I will refrain for now.”This uncertainty in the relationship between Trump and Musk led to Musk’s company, Tesla, losing $12.4 billion in market value in just one day.
The Trump-Musk feud over the ‘Big Beautiful Bill’, the US president’s ‘close shop, back to Africa’ statement about Musk has not boded well for the Tesla stocks.
Tesla’s stock prices fell by $16.95 (5.34%) to close at $300.71. This resulted in Elon Musk losing $12.4 billion (~₹1.06 lakh crore) on Tuesday.
Musk’s net worth fell to $351 billion in a single day. However, Musk still leads as the world’s richest.
Know about Trump-Musk new feud
The feud began when tech billionaire Elon Musk opposed the Trump administration’s ‘Big Beautiful Bill’ on Tuesday, stating that it would burden taxpayers and announcing that he would launch a new ‘America Party’ the day after the bill is passed.
In response, Trump said that Elon Musk should “go back to South Africa, where he came from”.
Escalating the issue further, the US president also remarked that they might consider deporting Musk, although Musk has been a US citizen since 2002.
Following Trump’s remarks, Musk responded on X, his social media platform, stating, “So tempting to escalate this. So, so tempting. But I will refrain for now.”
This uncertainty in the relationship between Trump and Musk led to Musk’s company, Tesla, losing $12.4 billion in market value in just one day.
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