Dan Ives, Global Head of Technology at Wedbush Securities, discusses the feud between Elon Musk and President Trump and how it’s affecting Tesla stock, Musk’s other companies, and his personal wealth.
When Elon Musk and Donald Trump joined forces during the presidential campaign, there was always a question over how long their alliance would last and who would prevail if it didn’t work out.
After the public spat between the world’s richest man and its most-powerful leader spun out of control on Thursday, the answer was clear: it was Musk who eventually backed down when Tesla Inc.’s stock price tanked and his net worth crumbled by $34 billion. The damage to Musk’s business empire will be difficult repair — with Tesla’s stock up only about 4% soon after the market’s open, recouping just some of its previous day’s slide.
After the fight wiped a record $153 billion from the market value of the electric carmaker Thursday and dragged down broader indexes, it became clear how much Musk had to lose. And he blinked, pulling back from a threat to idle SpaceX’s astronaut-carrying vehicle and heeding online advice to stand down from his attacks. At various points Musk claimed credit for Trump’s victory, endorsed his impeachment and even suggested the president was implicated in the sex crimes of Jeffrey Epstein.
By 9:20 p.m., Musk had calmed, telling a user on his X platform that cooling off for a couple of days was “good advice.” Still, it wasn’t clear Trump shared that view.
While there were signs Musk was looking for an off-ramp, including a Politico report that Trump staffers were working on arranging a call with the billionaire, a senior White House official said no call is in the works for Friday — and suggested that the proposal for a call came from the tech entrepreneur.
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