CNBC is reporting that amid the feud between President Donald Trump and Tesla CEO Elon Musk, the electric vehicle company lost its largest market cap of all time.
Tesla stock rallied a little after falling 17.5% to close at over 14%. That translates into a significant financial loss for the company.
“The move dropped the EV maker $152 billion in value, putting it below the $1 trillion benchmark and settling Thursday at $916 billion,” said the report.
In a press conference with the German chancellor on Thursday afternoon, Trump alleged that Musk was likely furious that the 2026 budget bill didn’t have credits for EVs like Tesla. Musk has been posting about the bill, alleging it adds too much to the deficit. The CBO scored that it would add $2.4 trillion.
“Whatever,” Musk clapped back on X during the press conference.
The ongoing battle between the two men continued from there, with Trump threatening to pull all of Musk’s federal contracts.
Tesla had a successful month in May, reclaiming 22% of losses despite low sales, the report continued.