Tesla loses $152 billion in market cap after Musk-Trump spat, biggest hit ever

Elon Musk reacts during a press event with U.S. President Donald Trump (not pictured), at the White House in Washington, D.C., U.S., May 30, 2025. Shares of Tesla fell 14% on Thursday as President Donald Trump threatened to pull government contracts for CEO Elon Musk's companies, escalating a war of words over the spending bill. The move dropped the EV maker $152 billion in value, the biggest hit to its market cap ever, putting it below the $1 trillion benchmark and settling Tuesday at $916 billion. "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" Trump wrote on Truth Social. Trump spoke from the Oval Office earlier Thursday and said Musk was upset that EV credits were not included in the bill. "Elon and I had a great relationship. I don't know if we will anymore," Trump said in the Oval Office on Thursday. "I was surpri ... Read full article.