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Tesla Shares Bounce Back After $152 Billion Drop Amid Musk-Trump Fallout

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Tesla shares recovered nearly 4% on Friday following a steep $152 billion market value wipeout triggered by a public spat between CEO Elon Musk and former U.S. President Donald Trump. The clash erupted over Trump’s criticism of a tax and spending bill that threatens to end the $7,500 electric vehicle (EV) tax credit by 2025, a move Musk openly opposed.

Earlier reports suggested that Musk and Trump might hold talks to ease tensions, with Musk signaling openness to a détente on his social platform, X. However, a White House official indicated that Trump was not interested in engaging with Musk. In a CNN interview, Trump dismissed Musk, saying, “I’m not even thinking about Elon,” and described him as having “got a problem.”

The conflict escalated when Trump threatened to cut government contracts with Musk’s companies, including SpaceX. Analysts warn that this feud could pose multiple risks for Tesla, especially as regulatory bodies like the U.S. Transportation Department influence the future of autonomous vehicle production—a key part of Tesla’s ambitions.

Despite the recent volatility, Tesla shares remain highly valued, trading at roughly 120 times expected earnings—far above many automakers and tech giants such as Nvidia. The stock has fallen 26.9% year-to-date, with Thursday’s 14% plunge reflecting investor concerns over Musk’s increasingly polarizing political stance.

Since Musk publicly supported Trump’s 2024 presidential bid last July, Tesla’s stock has experienced wild swings. Initial optimism about reduced regulatory burdens for robotaxis gave way to softness in vehicle sales and brand damage related to Musk’s politics. While initial hopes were that strong sales among Republican voters would balance out losses from liberal consumers, experts now warn that Musk’s confrontational posture risks alienating both sides.

“By alienating Republicans, Musk risks losing any remaining support, potentially triggering a collapse in Tesla’s brand perception,” said Evan Roth Smith, political strategist and co-founder of Slingshot Strategies.

Tesla did not immediately respond to requests for comment.

X Adds Blue Checkmark Disclaimer to Address EU Antitrust Probe

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Elon Musk’s social media platform X has added a more prominent disclaimer to its blue checkmark feature, aiming to deflect a potential fine from European Union antitrust regulators, according to a source familiar with the matter.

The European Commission charged X in July 2023 with misleading users about the meaning of the blue checkmark. Traditionally, the badge indicated that an account belonged to a verified public figure. However, following Musk’s acquisition of the platform in 2022, the checkmark began to signify only that an account holder was a paid subscriber, not necessarily a verified identity.

Although X has not admitted any wrongdoing, it recently began displaying a more noticeable disclaimer clarifying the meaning of the blue checkmark. According to the source, this move is not part of any formal settlement proposal with the EU’s tech enforcement body but is seen as a voluntary step to demonstrate compliance. The new disclaimer has been in place for about a week.

The European Commission acknowledged X’s decision, with a spokesperson stating: “Our investigation related to the blue checkmark is ongoing.” X declined to comment when contacted.

The probe is being conducted under the EU’s Digital Services Act (DSA), which mandates that large online platforms take stronger action against illegal or harmful content or face penalties of up to 6% of their global annual revenue. The DSA also requires transparency in how online platforms present information to users.

Bloomberg first reported on X’s decision to highlight the disclaimer.

Tesla Moves to Block Austin from Releasing Robotaxi Records

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Tesla is attempting to stop the city of Austin, Texas, from disclosing public records to Reuters regarding its upcoming launch of self-driving robotaxis, expected to begin operating on Austin’s streets this month. The electric vehicle maker argues that releasing the documents would expose confidential business information and damage its competitive position.

Reuters submitted a public records request in February, seeking communications between Tesla and Austin officials over the prior two years. This request came after Tesla CEO Elon Musk’s January announcement that the company would soon introduce fare-collecting robotaxis in Austin.

In early April, Austin’s public-information officer Dan Davis informed Reuters that certain “third parties” had asked the city to withhold the requested records, citing privacy and proprietary concerns. The city then referred the matter to the Texas Attorney General’s office on April 7, as state law requires when disputes arise over the release of potentially confidential information.

On April 16, a Tesla attorney sent a letter to the Attorney General, objecting to the release of what it described as “confidential, proprietary, competitively sensitive commercial, and/or trade secret information.” Tesla argued that public disclosure of these communications would expose its deployment procedures, strategy, and operational status, potentially causing the company “irreparable harm.”

Tesla and the Texas Attorney General’s office have declined to comment further. Austin city officials emphasized that they take no stance on whether the materials qualify as proprietary, but are obligated by law to seek the Attorney General’s judgment when a third party claims confidentiality.

Musk has made self-driving technology central to Tesla’s future growth. While the company has repeatedly delayed full autonomy, the robotaxi launch in Austin is being closely monitored by investors and regulators as a potential breakthrough moment. Many analysts believe Tesla’s high market valuation depends largely on the commercial success of its robotaxis and humanoid robots.

Details of Tesla’s Austin robotaxi program remain limited. The company has only revealed plans to initially deploy between 10 and 20 autonomous vehicles in certain, undisclosed areas of Austin.

In response to Tesla’s objections, a Reuters attorney argued on April 23 that the public has a right to transparency, especially when Tesla plans to operate untested autonomous vehicles on public roads. “Tesla’s deployment of the unproven technology on Texas roadways makes its plans an issue of enormous importance to Texas and the public at large,” the attorney wrote.

The Texas Attorney General’s office is expected to issue a ruling within 45 business days, a deadline that arrives next week.