Tesla's stock price down 8% today: Here we decode why
What's the story
Tesla's stock took a nosedive in early trading in the US today, falling nearly 8% to hit a day's low of $293.21 per share. The fall came on the back of heavy trading volumes with over 11 crore shares changing hands on NASDAQ. The decline was triggered by US President Donald Trump's threat to deport Elon Musk, after the billionaire criticized his "One Big Beautiful Bill."
Market response
Proposed bill leaves Wall Street on edge
The proposed bill has left Wall Street on edge, with major indices feeling the heat in early trade. The DOW 30 remained flat at 44,096.40 while the S&P 500 dipped by 0.23% at 6,190.59. The Nasdaq Composite was hit the hardest, falling by 0.43% and trading at 20,281.30 around 9:49am ET (7:20pm IST).
Threat
Trump hints at deporting Musk
Trump also hinted that the Department of Government Efficiency (DOGE), which Musk led before resigning in late May, could target his government subsidies. "I don't know. We'll have to take a look," Trump said when asked if he would consider deporting Musk. He added, "We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon."
Backlash
Trump says Musk could lose more
Trump accused Musk of attacking his "One Big Beautiful Bill" because he was upset over the removal of electric vehicle (EV) incentives. "He's losing his EV mandate. He's very upset about things, but you know, he could lose a lot more than that," Trump said. The President also claimed that without subsidies, Musk would likely have to shut down operations and return to South Africa.