The shares have been pummeled by a global backlash to Musk’s alliance with Trump on the campaign trail and in the White House, where the multibillionaire led a sweeping program of government cuts Musk acknowledged there had been “some blowback” to the actions taken by his Department of Government Efficiency project that may have affected Tesla sales.

Tesla shares dropped after President Trump and Elon Musk renewed their feud over Trump's tax-and-spending bill. As Senate Republicans struggle to corral enough votes to pass the "big, beautiful bill,"