Reignited Trump-Musk feud burns Tesla investors, shares of EV company tumble 8 pc
New York, Jul 7 (AP): Shares of Tesla tumbled 8 per cent at the opening bell Monday as the feud between CEO Elon Musk and US President Donald Trump reignited over the weekend.
Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republican spending bill that passed late last week. Musk has been highly critical of the bill, which he said would kill jobs and bog down burgeoning industries.
In a social media post on Sunday, Trump said that the billionaire owner of SpaceX, Tesla and X had gone “off the rails” in recent weeks.
Investors fear that Musk's companies, which receive significant subsidies from the federal government, could suffer further if his feud with Trump continues to fester.
"With the autonomous future ahead and the AI Revolution in full force Musk/Tesla do not need to keep poking the bear as Trump can create more hurdles for Musk/Tesla/SpaceX over the coming years if this political battle gets nastier heading into mid-terms in 2026," Wedbush Securities analyst Dan Ives wrote in a note to clients late Sunday.
Tesla shares have been extremely volatile since Musk went all-in for Trump in the run-up to last year's election with the company facing a growing backlash as a result of Musk's embrace of right-wing politics and his role in the Trump administration.
Tesla sales plunged 13 per cent in the first quarter, and then repeated that performance in the second quarter, even though EV sales continue to rise for competitors, including big Detroit automakers.
Industry analysts believe a large part of that tail off is being driven by Musk's affiliation with Trump and far-right parties like Germany AfD.
Tesla is also facing rising competition globally, particularly from Chinese automakers such as BYD and Great Wall, which are quickly expanding globally, offering relatively affordable electric vehicles with ultra-fast battery charging systems.
Since hitting an all-time high of USD 479.76 on December 17, Tesla shares have lost about 40 per cent of their value. Tesla shares are down about USD 26 each since Thursday's close, to USD 289.75.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Cong seeks thorough probe into Goa nightclub fire; Rahul alleges criminal failure of governance
New Delhi (PTI): The Congress on Sunday demanded a comprehensive investigation and strict accountability for the tragic fire at a nightclub in Goa that killed 25 people, with Rahul Gandhi claiming it was a criminal failure of safety and governance.
The fire broke out at Birch by Romeo Lane, a popular nightclub at Arpora village in North Goa, early Sunday, killing at least 25 people, including four tourists and 14 staff members, and injuring six others.
Congress president Mallikarjun Kharge expressed his deepest condolences to those who lost their loved ones in the blaze.
“This avoidable tragic incident is an irreparable loss, and I pray for the speedy recovery of all those who have been injured.
ALSO READ: Cong seeks thorough probe into Goa nightclub fire; Rahul alleges criminal failure of governance
“Such tragedies call for a comprehensive investigation, strict accountability, and immediate steps to ensure that all fire safety norms are enforced, so that such devastating incidents are never repeated,” Kharge said in a post on X.
The veteran leader also appealed to all the Congress workers in the coastal region to extend every possible support and assistance to the affected families and stand with them in this hour of grief.
Rahul Gandhi, the Leader of Opposition in Lok Sabha, said he was deeply pained by the tragic fire in Arpora.
“My heartfelt condolences to the bereaved families and wishes for the speedy recovery of the injured. This is not just an accident; it is a criminal failure of safety and governance. A thorough, transparent probe must fix accountability and ensure such preventable tragedies don't occur again,” Gandhi said in an X post.
Congress general secretary in charge of organisation, K C Venugopal, sought fixing of accountability for the tragic blaze so that such incidents are not repeated.
"The fire at a night club in Arpora, Goa, is shocking and I convey my heartfelt sympathies to the families of the victims who lost their lives.
"This tragedy took place because of the negligence of the authorities in enforcing fire safety norms. We urge a thorough and impartial investigation to identify those responsible and to ensure accountability, so that such a tragedy is never repeated," he said in a post on X.
Deeply pained by the tragic fire in Arpora, Goa that claimed more than 20 lives. My heartfelt condolences to the bereaved families and wishes for the speedy recovery of the injured.
— Rahul Gandhi (@RahulGandhi) December 7, 2025
This is not just an accident, it is a criminal failure of safety and governance. A thorough,…
