By Molly Claire Goddard
1:03pm PDT, Jun 8, 2025
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Elon Musk is experiencing the fallout from going against
Donald Trump.
After the tech mogul
slammed the president in a series of social media posts on Thursday, June 5, his car company, Tesla, reportedly experienced its worst single day drop in market value in four years.
Keep reading to hear about the consequences Musk is facing amid his feud with Trump…MORE:
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Elon Musk's company shares for Tesla tanked $47.35, or 14%, to $284.70, wiping out $153 billion in market value.
According to JPMorgan analysts, Donald Trump's "Big Beautiful Bill" that the billionaire has staunchly come out against and will strip the company of EV tax credits could diminish Tesla's annual profit by $1.2 billion.
"The quickly deteriorating friendship and now 'major beef' between Musk and Trump is jaw-dropping and a shock to the market and putting major fear for Tesla investors on what is ahead," Wedbush Securities analyst
Dan Ives claimed in
a public note.
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The once-close duo of Elon Musk and Donald Trump suffered a very public fallout when the former Department of Government Efficiency specialist claimed the commander-in-chief would not have won the 2024 election without his help.
"Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate
. Such ingratitude," he wrote on X.
In another shocking update, the Space X founder brought up Trump's alleged ties to late registered s** offender and accused trafficker
Jeffrey Epstein: "Time to drop the really big bomb: @realDonaldTrump is in
the Epstein files," the entrepreneur alleged. "That is the real reason they have not been made public. Have a nice day, DJT!"
Days before, Musk criticized the Republican-backed tax bill: "I'm sorry, but I just can't stand it anymore," he wrote on X on Tuesday, June 3. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it. Congress is making America bankrupt. In November next year, we fire all politicians who betrayed the American people."
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Donald Trump addressed Elon Musk's comments during a Thursday, June 5, meeting in the Oval Office.
"I'm very disappointed because Elon knew the inner workings of this bill better than almost anybody sitting here — better than you people. He knew everything about it. He had no problem with it," the right-wing leader said. "All of a sudden, he had a problem. And he only developed the problem when he found out that we're going to have to cut the EV mandate."
"Elon and I had a great
relationship," Trump added. "I don't know if we will anymore."
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Following Elon Musk's takedown of Donald Trump, former White House official
Steve Bannon called for the ex-administration member to be
deported back to South Africa.
"They should initiate a formal investigation of his immigration status, because I am of the strong belief that he is an illegal alien and he should be deported from the country immediately," he said on an episode of his "War Room" podcast.
