Tesla stock price plunges as Trump suggests stripping Elon Musk’s companies of federal contracts
Tesla shares plunged on Thursday as an increasingly bitter spat between CEO Elon Musk and President Trump erupted in public, with Mr. Trump suggesting the federal government could strip Musk’s companies of their federal contracts.
Tesla’s stock tumbled by as much as 18% in intraday trading — the electric car maker’s sharpest selloff in almost five years — before regaining some ground to close down 14.3%, or $47.35. The drop wiped out about $151 billion in Tesla’s market value.
The shares resumed their decline in after-hours trading.
The plunge comes as Mr. Trump and Musk, the world’s richest person, traded barbs on social media on Thursday. Musk has ratcheted up his criticism of Mr. Trump’s “big, beautiful bill” tax and…
