Tesla stock has once again continued to slide after President Donald Trump and Elon Musk reignited their feud over the president’s “Big, Beautiful Bill.”
House Republicans struggling to get the president’s bill pushed through the Senate faced an additional challenge on Monday night, as Musk promised to use his vast fortune to primary any member of Congress who voted for it.
“Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth,” Musk tweeted.
The billionaire also promised to form a new “America Party” the day after the bill is approved by Congress, which prompted a furious clap back from Trump who threatened to take “a good, hard, look” at Tesla’s government funding should the move go ahead.
Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!And they will lose their primary next year if it is the last thing I do on this Earth.
— Elon Musk (@elonmusk) June 30, 2025
“Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign,” Trump posted on Truth Social.
“Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy [sic] than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
Tesla shares dropped by nearly 5 percent in premarket trading following the president’s rant and fell further once the market opened. As of 10 a.m. ET Tesla shares had fallen below $300 to sit at $294.72. It is the latest setback for the troubled auto manufacturer which has seen its stock value crater in value following Musk’s foray into politics.
While a large portion of Tesla’s valuation rests on Musk betting big on robotaxis, the company’s main source of revenue comes from selling electric vehicles, which have been under pressure due to an aging roster, the failure of the Cybertruck and increased competition from other EV manufacturers.
Back in April the company posted a 20 percent dip in Q1 sales after dealerships after the brand became the face of the anti-Musk “Tesla Takedown” movement which saw dealerships firebombed and numerous vehicles vandalized. Analysts predict a further 8 percent drop in Q2 after new vehicle deliveries are down by 11 percent on a year-on-year average.
During a press conference on Tuesday, Trump doubled-down on his threats to “feed” Musk to the Department of Government Efficiency, telling reporters: “We might have to put those on Elon, you know. Doge on. Here’s the monster that might have to go back and eat.”
The Daily Beast has reached out to Tesla for comment.
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