Tesla’s market value suffered its biggest one-day drop on record on Thursday as an escalating feud between Donald Trump and Elon Musk triggered a sharp sell-off in the carmaker’s shares.
The electric vehicle group’s shares closed down more than 14 per cent, erasing $153bn from its market capitalisation, after the US president signalled he could terminate US government contracts with Musk’s companies.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump wrote on his platform Truth Social.
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