Tesla jumps 5% in premarket trading as stock reels from Trump-Musk drama

Tesla jumps 5% in premarket trading as stock reels from Trump-Musk drama


A Tesla car dealership stands on June 5, 2025 in the Brooklyn borough of New York City.

Spencer Platt | Getty Images

Tesla shares climbed in U.S. premarket trading Friday after tensions between CEO Elon Musk and President Donald Trump fueled a $152 billion rout for the stock a day earlier.

Shares of Tesla were up 5.1% in premarket trading as of 5 a.m. ET.

Musk and Trump have come to verbal blows in recent days as the Tesla chief’s tenure as head of the U.S. Department of Government Efficiency came to an end last week.

Trump initially praised Musk’s handling of DOGE, an initiative started by the Trump administration that aimed to cut costs within the federal government. However, he changed his tone on Thursday after comments from Musk criticizing Trump’s so-called “big, beautiful bill,” a sweeping package of tax and public spending cuts.

Musk slammed the bill on Thursday calling it a “disgusting abomination” — to which Trump replied that though he and Elon “had a great relationship,” he doesn’t know “if we will anymore.”

Tesla shares tanked 14% following the public clash, wiping $152 billion from the electric vehicle maker’s market capitalization and putting it below the $1 trillion benchmark.

“This situation between Musk and Trump could start to settle down and the friendship continues but this must start to be calmed down on the Musk and Trump fronts and it’s not good for either side,” wrote Wedbush Securities analyst Dan Ives in a research note Thursday.

“This feud does not change our bullish view of Tesla and the autonomous view but clearly does put a fly in the ointment of the Trump regulatory framework going forward,” he added.



Source

SoftBank CEO says he’s ‘all in’ on OpenAI, reveals he’s long wanted Microsoft’s spot as main backer
Technology

SoftBank CEO says he’s ‘all in’ on OpenAI, reveals he’s long wanted Microsoft’s spot as main backer

Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during the company’s annual general meeting in Tokyo, Japan, on Friday, June 27, 2025. Bloomberg | Bloomberg | Getty Images SoftBank is “all in” on OpenAI, CEO Masayoshi Son said on Friday, as the Japanese tech giant looks to realize its vision of […]

Read More
SpaceX crane collapse in Texas being investigated by OSHA
Technology

SpaceX crane collapse in Texas being investigated by OSHA

The SpaceX Starbase industrial complex and rocket launch facility in Boca Chica, Texas, US, on Thursday, April 17, 2025. Mark Felix | Bloomberg | Getty Images A SpaceX crane collapse at the company’s Starbase, Texas facility on Tuesday has prompted an investigation by the Occupational Safety and Health Administration, the federal agency told CNBC in […]

Read More
Core Scientific shares surge 33% on report of buyout talks with CoreWeave
Technology

Core Scientific shares surge 33% on report of buyout talks with CoreWeave

Piotr Swiat | Lightrocket | Getty Images Core Scientific shares surged 35% on Thursday following a report from The Wall Street Journal that artificial intelligence infrastructure vendor CoreWeave is in talks to acquire the bitcoin mining and hosting provider. The company’s stock was briefly halted after the report, and then proceeded to have its second-sharpest […]

Read More