Elon Musk's previously favorable relationship with Donald Trump has soured, resulting in significant implications for Tesla. Following Trump's public criticism of Musk regarding the president's budget bill, Tesla's stock plummeted by over 15%. Musk's departure as head of the Department of Government Efficiency (DOGE) and his opposition to proposed cuts in electric-vehicle tax incentives signify a deterioration of their partnership. The potential loss of these tax credits could diminish demand for electric vehicles, posing a threat to Tesla's profitability.
Tesla's stock price sank more than 15% within hours after Trump denounced Musk at the Oval Office.
Musk has also railed against Trump's signature budget bill currently working its way through Congress.
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