Tesla Shares Recover amid Calls to De-escalate Tensions between Trump, Musk
Taarek Refaat
Tesla shares recovered from heavy losses amid signs that the rift between CEO Elon Musk and US President Donald Trump is easing, easing investor concerns about the potential political fallout for the electric car maker.
Tesla shares rose 5% in early trading. Politico reported that Musk and Trump were expected to speak on Friday, but a White House official told Reuters there were no plans for a call.
Musk indicated via his X social media platform that he was open to easing tensions with Trump.
The dispute between Trump and Musk wiped more than $150 billion off Tesla's market value on Thursday, the company's largest single-day drop.
Tensions escalated after Musk escalated his criticism of a tax and spending bill that proposed partially ending a $7,500 tax incentive for electric vehicle buyers by the end of 2025.
In response, Trump proposed cuts to government contracts with Musk's companies, including SpaceX.
Tesla's stock has fallen 29.5% since the beginning of the year, after falling 14% on Thursday.
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