Tech Titans Clash: Trump's Threat and Musk's Market Stir
A public feud between President Donald Trump and Elon Musk has caused a dramatic drop in Tesla shares, with a 14.3% loss translating to a $150 billion valuation hit. Analysts fear this clash could impact Tesla's regulatory environment. Market watchers are closely following the situation.
In a dramatic turn of events, President Donald Trump threatened to sever government contracts with Elon Musk's companies, triggering a sharp decline in Tesla shares.
The public spat, unfolding over a few hours, caused Tesla's stock to plummet by 14.3%, wiping out approximately $150 billion in market value. Trump's Media and Technology Group also took a hit, falling 8.04%.
Analysts express concerns that the feud could alter Tesla's regulatory landscape, though some experts remain confident in the company's long-term prospects. The broader market felt the ripple effects, with the Nasdaq closing down 0.8%.
(With inputs from agencies.)
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