Tesla Leaves the Trillion-Dollar Club as Musk-Trump Rivalry Escalates

The value of electric car maker Tesla has fallen by $152 billion, the largest hit to its market value ever, leaving it below the $1 trillion mark.

This comes after the company’s stock plunged 14% on Thursday after President Donald Trump threatened to withdraw government contracts from billionaire Elon Musk’s companies, in an apparent escalation of the war of words between the two sides over the spending bill.

Trump wrote on Truth Social: “Elon is starting to get on everyone’s nerves. I asked him to leave. I rescinded the EV mandate that was forcing everyone to buy electric cars that no one wanted. He knew for months I was going to do it… and he completely lost it!”

He also confirmed that Musk is angry about the bill’s exclusion of tax incentives for electric vehicles, adding, “My relationship with Elon was great. I don’t know if it will be any longer.” “I was surprised,” Musk said. “Without me, Trump would have lost the election, and the Democrats would have taken control of the House of Representatives, while the Republicans would have only a 51-49 majority in the Senate.”