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Shares of Tesla
fell 14% on Thursday as President Donald Trump threatened to pull government contracts for CEO Elon Musk’s companies, escalating a war of words over the spending bill.
The move dropped the EV maker $152 billion in value, the biggest hit to its market cap ever, putting it below the $1 trillion benchmark and settling Thursday at $916 billion.
“Elon was ‘wearing thin,’ 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 wrote on Truth Social.
