Market meltdown: Trump–Musk feud sends Tesla and DJT stocks tumbling

A sudden and highly public spat between US President Donald Trump and billionaire Elon Musk on Thursday, June 5, triggered a sharp drop in the stock prices of their respective companies.

Shares of Musk’s electric car company Tesla fell nearly 15% within hours, from $322 to $275. Meanwhile, Trump Media & Technology Group, the media firm founded by Trump in 2021, saw its stock price drop by around 11%, falling from $21.80 to $19.30, Caliber.Az reports via Western media.

 The company trades under the ticker symbol “DJT,” which mirrors the president’s initials. In one of his posts criticising Trump, Musk wrote, “Have a nice day, DJT!”

The feud erupted during Trump’s meeting with German Chancellor Friedrich Merz at the White House. Speaking to reporters, Trump said he was “disappointed in Elon” over Musk’s criticism of a new multi-billion-dollar federal spending bill. Trump claimed Musk’s true motive was frustration over reduced government subsidies for electric vehicles — a move that would directly impact Musk’s businesses.

That remark sparked a furious response from the world’s richest man. Within hours, Musk fired off a series of posts on the social media platform X attacking the bill, calling Trump’s claim about subsidies “an obvious lie.”

“Without me, Trump would have lost the election, Democrats would control the House, and Republicans would hold the Senate by only 51 to 49. Such ingratitude,” Musk wrote. He also revived his earlier campaign slogan “Kill the Bill”, echoing the name of the Quentin Tarantino film Kill Bill.

Trump responded on his platform TruthSocial by repeating the subsidy accusation and saying, “Elon has gone insane.” He added, “I don’t mind that Elon opposed me, but he should’ve done it months ago.”

Musk escalated the conflict further, shifting his criticism from the legislation to Trump himself. He accused the president of being named in the Jeffrey Epstein files, documents related to the late financier’s criminal activities involving underage girls. Musk reposted a 1992 video showing Trump at an Epstein party, surrounded by women.

Musk then proposed forming his political party and launched a poll on X, in which over 80% of more than 2.5 million users voted in favour. He also agreed with a user’s suggestion to oust Trump and replace him with Vice President J.D. Vance.

By Tamilla Hasanova