Tesla’s market value suffers biggest one-day drop after Trump-Musk spat
US president and world’s richest man trade insults as their alliance collapses
US president and world’s richest man trade insults as their alliance collapses

Slide comes after carmaker says second-quarter profits dropped by more than a fifth

Elon Musk’s carmaker hit by US tariffs, loss of emissions credit revenue and big investments in AI

Plus IPOs and American exceptionalism

Billionaire chief executive threatened to leave the electric vehicle maker if he was not given more stock

US carmaker’s registrations sink in July as Chinese rival profits

Party closes ranks after billionaire’s attacks on legislation prompt dramatic fall out with president