Business
Tesla stock selloff escalates as Musk-Trump fight intensifies
Tesla shares plummeted by 15% this afternoon as Elon Musk’s ongoing feud with President Donald Trump intensified.
In a social media post, Trump threatened to target Musk’s business empire.
Trump asserted on Truth Social that the easiest way to save billions of dollars in the budget is to terminate Elon’s government subsidies and contracts.
The Tesla selloff has resulted in a significant decline in Tesla’s market value, wiping off over $150 billion. This value reduction began the day at nearly $1.1 trillion.
The selloff has also had a notable impact on Musk’s net worth, erasing a substantial portion of the world’s richest person’s fortune.