Tesla Stock Downgraded After Trump Feud
Tesla Inc. was downgraded on Monday by Argus Research and Baird due to concerns about the company's outlook following a clash between CEO Elon Musk and President Donald Trump. But George Gianarikas of Cannacord Genuity is looking forward and says the robotaxi launch will be very important for the company. He is on "Bloomberg Surveillance." (Source: Bloomberg)
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On Friday May 30, President Donald Trump handed his close aide and 'first buddy' Elon Musk a golden key to the White House, praising the work the tech billionaire had done for his administration. 'Elon gave an incredible service,' Trump said in a joint press conference with Musk last week. 'There's nobody like him.' That press conference was intended to mark the end of Musk's 130 days as a special government advisor, leading the Department of Government Efficiency (DOGE) in slashing excess federal spending. For the latest updates on the feud read our blog here Although there had been some disagreements during Musk's time in the role – the Tesla owner made it clear he was not a fan of Trump's tariffs, for instance – the event seemed to mark a conciliatory end to their working relationship. 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This is shortly followed by a new suggestion from Musk: 'Is it time to create a new political party in America that actually represents the 80% in the middle?' This post was still pinned to the top of the X owner's timeline for several days thereafter. Responding to MAGA blogger Laura Loomer on X, who was commenting about the divide amongst Republicans over the fight between Musk and Trump, the billionaire said: 'Oh and some food for thought as they ponder this question: Trump has 3.5 years left as President, but I will be around for 40+ years...' The president says that Musk was 'wearing thin' in a series of posts on his social media platform. '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 said. He then added: 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Retweeting a screenshot of Trump's EV mandate comment (alluding to the Big, Beautiful Bill scrapping a $7,500 tax credit for EV customers, which would impact Tesla), Musk said: 'Such an obvious lie. So sad.' Musk tweeted: 'Files linked to the investigation of convicted sex offender Jeffrey Epstein have emerged as a point of fixation for Trump and his allies and right-wing media figures. 'Time to drop the really big bomb: Donald Trump is in the Epstein files. That is the real reason they have not been made public.' Shortly after, he wrote: 'Mark this post for the future. The truth will come out.' 'In light of the President's statement about cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately,' he tweeted. Another X user replied, urging Musk to 'cool off and take a step back for a couple of days.' Musk replied: 'Good advice. Ok, we won't decommission Dragon.' Trump wrote on Truth Social: 'I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. 'If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!' Musk retweets an X user, who said: 'President vs Elon. Who wins? My money's on Elon. Trump should be impeached and JD Vance should replace him.' Musk tweets: 'The Trump tariffs will cause a recession in the second half of this year.' 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Trump told Jonathan Karl of ABC News he was 'not particularly' interested in talking to Musk and said to Dana Bash of CNN: 'I'm not even thinking about Elon. He's got a problem. The poor guy's got a problem.' With Trump and his administration subsequently shifting focus to the Los Angeles anti-ICE protests, the tech boss unexpectedly extends an olive branch. 'I regret some of my posts about President Donald Trump last week,' Musk wrote on X in the small hours of the morning. 'They went too far.'
