Trump offers surprise support to Musk, as Tesla stock plunges
The US president says he wants the billionaire to ‘THRIVE’, in a startling development after their recent bitter public feud
US President Donald Trump took to social media on Thursday morning to support Elon Musk’s car company, a startling development given their bitter public feud.
”I want Elon, and all businesses within our Country, to THRIVE,” Trump posted.
The post was not enough to help Tesla’s stock, which fell sharply after the company reported another quarter of lacklustre financial results and Musk warned of some potentially “rough quarters” into next year. The stock fell 8.2 per cent and is now down more than 24 per cent so far this year.
Late on Wednesday, Tesla said revenue fell 12 per cent and profit dropped 16 per cent in the April-June quarter. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China.
Investors have been unnerved by Musk’s social media row with the president because Trump has threatened to retaliate by ending government contracts and breaks for Musk’s various businesses, including Tesla.
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Donald Trump derides Elon Musk’s plan to set up new political party, calling it ‘ridiculous’
But Trump struck a starkly different tone on Thursday morning.