Trump Considering Abandonment of Tesla Amid Musk Dispute according to Reports
Chatter 'Round Wall Street
- The downward spiral of Tesla shares continues after the rift between the buddies.
- But wait, there's hope! In the past few hours, whispers have circulated that Musk and Trump might hash out their beef, causing TSLA to bounce back.
The spat between Donald Trump and Elon Musk is escalating like a bad soap opera. The X account, The Kobeissi Letter, just spilled the beans that Trump is considering ditching his Tesla.
Back in March, Trump dropped some coin on a red Tesla Model S to show support for Musk and his EV empire amid dwindling sales and mounting criticism. Before splurging, the president lauded Musk and vowed to write him a fat check for the vehicle.
"This dude Musk has been putting in the hard yards and sacrificing his life!" he declared at the time.
Trump's purchase was like manna from heaven, causing a brief surge in the value of Tesla's shares. However, the recent feud between the two (which seems to have erupted following a bill Trump introduced last month) has caused some major turbulence in Tesla's stock market.
On June 5, as the drama took center stage, TSLA plummeted below $275, a level not seen in a month. In pre-market trading today, and as the market opened, the price recovered, reaching around $296, fueled by gossip that the tension might ease and expectations that Trump and Musk might get together for a chat.
While a White House official supposedly nixed the idea of a call on June 6, Tesla's CEO seems open to patching things up.
Earlier today, Bill Ackman (CEO of Pershing Square) stated that the two squabblers should make up "for the good of our great nation." Musk responded with a simple, "You ain't wrong."
In the meantime, the squabble has taken its toll on the cryptocurrency market. Bitcoin dipped below $101,000, while leading altcoins suffered severe losses. Over 215,000 traders were caught red-handed in the past 24 hours, resulting in close to a billion dollars being drained.
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Donald Trump Elon Musk Tesla Bitcoin Cryptocurrency Traders Liquidated
Info sourced from market trends and expert analysis
- Tesla's Stock Price: The feud initially dragged the stock down but showed some rebound.
- Cryptocurrency Market: The conflict between Trump and Musk hasn't had a clear impact on the cryptocurrency market, but Musk's connection to crypto might indirectly influence market sentiment.
- Despite the ongoing spat between Elon Musk and Donald Trump, the cryptocurrency market, particularly Bitcoin and leading altcoins, has been significantly affected, with over 215,000 traders experiencing losses of almost a billion dollars in the past 24 hours.
- Social-media chatter has indicated that the tension between Trump and Musk might ease, potentially leading to a recovery in Tesla's stock price, as expectations for a reconciliation have influenced crypto trading.
- Amid the fallout from the Trump-Musk feud, celebrities and entertainment influencers on social media have been discussing altcoins and crypto trading, possibly added to the volatility in the market, with some celebrities even sharing their trading experiences.
