Elon Musk and Donald Trump have been engaged in a heated social media exchange following Musk’s criticism of Trump’s new tax bill, calling it a 'disgusting abomination.' This feud has negatively impacted Tesla, leading to a staggering 14.26% drop in share price, which equates to a $152 billion loss in market capitalization. Despite this, Tesla shares showed a slight recovery in premarket trading. The situation is unique given the typically volatile nature of Tesla’s stocks, indicating that external political disputes are now influencing market performance.
Tesla investors are used to extreme volatility. Yet, even for a group that's seen a series of extreme drawdowns in recent years, the reason for yesterday's sell-off is new.
Musk recently called Trump's tax bill a 'disgusting abomination,' marking the start of a social media feud that has impacted both figures significantly.
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