Tesla loses whopping $150 billion in value after Donald Trump-Elon Musk verbal war, claims report

Tesla share price on Thursday dropped more than 14 per cent in heavy trading as the public feud between CEO Elon Musk and US President Donald Trump intensified. The stock has fallen four out of the last five sessions. Stocks of electric car-maker offset news of progress in tariff talks between Trump and Chinese leader Xi Jinping.

Tesla lost about staggering $150 billion in value after Trump and Musk began their verbal war. Musk has stepped up criticism of the president's massive tax legislation in recent days, while Trump alleged Musk was upset because the bill takes away tax benefits for electric vehicle purchases, Reuters reported.

"The fallout for Tesla stock is self-evident," said Mark Spiegel, portfolio manager at Stanphyl Capital.


Dow Jones Industrial Average fell 108.00 points, or 0.25 per cent, to end at 42,319.74. The S&P 500 lost 31.51 points, or 0.53 per cent, at 5,939.30 and the Nasdaq Composite dropped 162.04 points, or 0.83 per cent, to 19,298.45.

Volume on U.S. exchanges was relatively light, with 17.3 billion shares traded, compared to an average of 17.9 billion shares over the previous 20 sessions. Declining issues outnumbered advancers by a 1.11-to-1 ratio on the NYSE. There were 253 new highs and 49 new lows on the NYSE.

On the Nasdaq, declining issues outnumbered advancers by a 1.48-to-1 ratio. The S&P 500 posted 16 new 52-week highs and three new lows while the Nasdaq Composite recorded 63 new highs and 42 new lows.

FAQs

Q1. What are key indexes of US Stock Market?
A1. Key indexes of US Stock Market are Dow Jones, S&P 500, and Nasdaq.

Q2. How has US Stock Market performed?
A2. Dow Jones Industrial Average fell 108.00 points, or 0.25 per cent, to end at 42,319.74. The S&P 500 lost 31.51 points, or 0.53 per cent, at 5,939.30 and the Nasdaq Composite dropped 162.04 points, or 0.83 per cent, to 19,298.45.