JAKARTA – Tensions between President Trump and Elon Musk have escalated on social media. Amid this clash, Tesla shares plunged 14.81% over the past week.

After stepping down from the Department of Government Efficiency (DOGE) at the end of May, Musk began vocally criticising the Trump-initiated budget reconciliation bill—commonly referred to as the “One Big Beautiful Act Bill”—on his social media platform X.

“This congressional spending bill is outrageous, full of waste. Shame on those who passed it,” Musk wrote on Wednesday (4/6).

According to Musk’s X timeline, he argued that the bill would widen the US budget deficit by USD 2.5 trillion and highlighted the ballooning interest burden on national debt.

Trump quickly responded to Musk’s criticism. “I’m disappointed in Elon,” he said while speaking in Washington DC.

He claimed Musk grew agitated after Trump revoked the electric vehicle (EV) mandate.

“Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump posted on his Truth Social account, Thursday (6/6).

Trump added that the quickest way to save billions in the national budget was to cancel subsidies and federal contracts with Musk. “I was always surprised that Biden didn’t do it!” he said.

Musk replied on X: “Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.”

According to CNBC, Musk spent nearly USD 300 million to help Trump regain the White House.

In return, Tesla shares soared 62.2% between early November and late December 2024. Musk was expected to receive a government role, giving him the opportunity to push through business-friendly regulations.

However, Tesla reported a 9% year-on-year drop in revenue in Q1 2025 due to intense competition from China and criticism that Musk has been neglecting Tesla.

According to IDNFinancials.com, despite closing up 3.67% on Friday (6/6), Tesla’s share price still tumbled 14.81% over the week to USD 295.14.

Goldman Sachs has also revised down its price target for Tesla, citing a more cautious performance outlook for the rest of 2025, according to CNBC. (ZH)