Tesla shares rise as Politico reports Musk-White House to hold call
Tesla shares rose almost 5 percent on Friday, rebounding from sharp losses in the previous session, after Politico reported that White House aides have scheduled a call with CEO Elon Musk to ease tensions following a public feud with US President Donald Trump.
Shares of the electric vehicle maker were up 4.7 percent at $298.10 in premarket trading. The stock had closed 14.3 percent lower on Thursday, losing about $150 billion in market value — the largest single-day decline in the company's history.
Trump had threatened to cut off government contracts to Musk's companies, while Musk suggested Trump should be impeached, escalating their once-warm relationship into a highly public social media clash.
'It's unlikely that Trump will end subsidies and contracts with Tesla — those are obviously threats that are unlikely to come into fruition,' said Fiona Cincotta, senior market analyst at City Index.
'I don't expect this to blow out into anything more serious than a war of words for a couple of days.'
The hostilities reportedly began when Trump criticized Musk in the Oval Office. Within hours, the relationship between the former president and the billionaire CEO unraveled in full public view, with the two exchanging personal insults on Trump's Truth Social platform and Musk's X.
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