Tesla shares sink after Trump-Musk feud reignites

ISTANBUL

US-based electric vehicle (EV) producer Tesla's shares plummeted Tuesday after the feud between CEO Elon Musk and US President Donald Trump restarted.

Tesla's shares were down around 4% to $303.45 on Tuesday as of 1420GMT.

The EV firm's market capitalization decreased to $947.2 billion.

The EV producer's stock price has fallen by around 11% in a month due to the heated exchange between Trump and Musk because of the passing of the "Big Beautiful Bill."

The feud reignited on Tuesday after Musk stepped up his opposition to Trump’s "Big Beautiful Bill," pledging to launch a new political party if the controversial omnibus bill is approved by Congress.

Trump fired back at him by claiming that the billionaire will “head back home to South Africa” if federal subsidies on electric vehicles are cut.

Later, Trump also said he will look into deporting billionaire Musk as their feud reignited over a Republican-backed spending bill.

“I don’t know. We’ll have to take a look," Trump told reporters when asked if he would deport Musk.

The relationship between Trump and Musk, once marked by collaboration and mutual support, has deteriorated into a highly public and acrimonious feud since Musk started criticizing the bill in late May.