Tesla Shares Plummet Amid Musk-Trump Feud
Tesla's stock dropped by 8% as CEO Elon Musk's feud with former President Trump intensified. Musk criticized a Republican spending bill, prompting backlash from Trump. Concerns mount over the impact on Musk's companies, which benefit from federal subsidies, amid ongoing political tensions.
Tesla shares experienced a sharp decline of 8% at Monday's opening, triggered by heightened tensions between CEO Elon Musk and former President Donald Trump.
Musk, previously a notable supporter of Trump, declared his intention to establish a third political party. This move came as a criticism of the Republican spending bill passed recently, which Musk argues threatens job creation and emerging industries.
The ongoing clash has raised investor concerns about potential repercussions on Musk's companies, especially given their reliance on federal subsidies. Analysts warn of potential obstacles for Musk if the situation escalates further leading into the 2026 mid-term elections.
(With inputs from agencies.)
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