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Business & Economy

Business & Economy

The Big Story

Tesla stock tanks as Trump, Musk rage

Tesla shares plunged Thursday after tensions between President Trump and Elon Musk erupted over social media.

© The Associated Press

What began as Trump responding to Musk’s growing criticism of the president’s tax and spending bill turned into a vicious fight between the president and the world’s richest man.

Tesla closed with a loss of 14.6 percent as the market closed and the dust settled Thursday afternoon.

After Trump ripped his former adviser, Musk claimed Trump would not have won the 2024 election without his support and floated the idea of forming a centrist political party.

Trump then called Musk “crazy” and threatened to scrap billions of dollars in federal contracts with the tech mogul’s companies, which prompted Musk to accuse Trump of being mentioned in classified files regarding Jeffrey Epstein.

The Hill's Julia Shapero has more here.

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

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