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A recent online spat between Elon Musk, CEO of Tesla and SpaceX, and former President Donald Trump has resulted in a stunning $152 billion loss in Tesla's market capitalization, alongside a decline of over $100 million in value for TrumpCoin. On Thursday, Musk criticized Trump's "One Big Beautiful Bill," which includes immigration restrictions and cuts to green energy subsidies, sparking a fiery exchange on social media platforms X and Truth Social.
According to reports, Tesla’s stock experienced a 14% drop, marking its most significant one-day decline in years. Trump retaliated by suggesting Musk opposed the bill to protect electric vehicle tax credits beneficial to Tesla. High-profile allies like Steve Bannon have urged Trump to terminate Musk’s government contracts, while Musk has threatened to decommission SpaceX’s Dragon spacecraft.
This feud comes at a critical time for Tesla, as it prepares to launch its long-anticipated robotaxi service in Austin, Texas. Musk's claims of Tesla not needing federal tax credits have been met with skepticism, and public protests against both Musk and Trump have intensified as a grassroots initiative gains momentum.