Tesla Stock Price Plummets 11% Amid Musk-Trump Fight Over Spending Bill
Tesla shares plummeted as much as 11% on Thursday amid a spat that has been unfolding between the president and the world’s richest person over the budget bill moving through Congress.
Shares of the carmaker are down 19% year-to-date.
Paul Hickey, the co-founder of Bespoke Investment Group, told Business Insider he thinks the Trump-Musk feud over the tax bill was the clear catalyst for Tesla’s decline on Thursday.
“It could lead to more bad things, punitive actions,” Hickey said of Musk’s fraying relationship with Trump. “Musk is already kicking himself out of the good graces of the Left. So, if you fell out of the good graces of the Right, that wouldn’t necessarily be good.”
Tesla stock began to fall on Tuesday,…
