Tesla shares dipped Thursday after President Trump fired back at Elon Musk over his growing criticism of the president’s tax and spending bill.
The electric vehicle company’s share price was down nearly 9 percent as of early Thursday afternoon, as the once close relationship between Trump and Musk appeared to be rapidly deteriorating.
The Tesla CEO officially departed the Trump administration last week after a brief but highly controversial tenure.
The tech billionaire, who began voicing concerns about Trump’s “big, beautiful bill” shortly before his exit, offered biting criticism of the legislation Tuesday, calling it a “disgusting abomination.” He has taken particular issue with the bill’s potential to expand the federal deficit.
The president responded Thursday, saying he was “very surprised.”
“Elon and I had a great relationship. I don’t know if we will anymore,” Trump said during an Oval Office meeting with German Chancellor Friedrich Merz.
“He knew every aspect of this bill. He knew it better than almost anybody. And he never had a problem until right after he left,” he added. “I’m very disappointed in Elon. I’ve helped Elon a lot.”
Musk fired back quickly, suggesting that Trump “would have lost the election” without him.
The Tesla CEO spent at least $250 million in the 2024 election boosting Trump’s campaign, earning him a spot in the president’s inner circle and a key role in the administration as head of the newly created Department of Government Efficiency (DOGE).
The tech mogul’s government work has weighed heavily on his companies, particularly Tesla, which saw its stock plummet in the early months of the Trump administration. It has recovered in recent weeks as Musk has stepped back from his government work.
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