Tesla CEO Elon Musk’s vocal criticism of the tax cut package the Trump administration and congressional Republicans are advancing has left the company’s investors in limbo as Musk and the president trade verbal barbs over the bill.
The billionaire’s time in the role was tumultuous for Tesla, which became the subject of boycotts in opposition to Musk’s role as the leader of the administration’s Department of Government Efficiency (DOGE), which sent Tesla shares to their lowest levels of the year in March and April.
Tesla shares rallied last month in the lead up to the expiration of Musk’s tenure as a special government employee in late May, with the billionaire signaling he would be less involved in politics as he refocused his attention on Tesla and his other companies. Tesla board members wanted assurances from Musk that he would lead Tesla full-time.
The stock gains unraveled after Musk stepped up his public criticism of the GOP bill and President Donald Trump’s support of it, which escalated into a public war of words on Thursday. The effect sent Tesla shares plunging over 14% during the trading session, while the slide continued in after-hours trading when shares sank as much as