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.
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K’taka HC declines stay on menstrual leave order, says issue of public importance
Bengaluru: The State Government has strongly defended its decision to grant one day of paid menstrual leave every month to women employees, telling the Karnataka High Court that the notification was issued in the larger interest of women and is legally sound. The Court, treating the matter as one of significant public importance, refused to stay the implementation of the order and adjourned the hearing to January 20.
The Labour Department’s November 20, 2025 notification was challenged by the Bangalore Hotels Association, Avirat Defence System, Facile Aerospace Technologies Ltd and Samos Technologies Ltd. Justice Jyoti Mulimani heard the petitions on Wednesday.
At the start of the hearing, the bench asked whether the State had filed its objections. Advocate General K. Shashikiran Shetty informed the Court that objections had been submitted and that copies would be provided to the petitioners.
Defending the notification, the Advocate General said the government had introduced a progressive measure aimed at women’s welfare, one that no other state in India had implemented so far. He told the Court that 72 objections were received and considered before finalising the notification. He argued that the government was empowered to frame such policy under Article 42 of the Constitution and noted that the Supreme Court and the Law Commission had earlier made recommendations in this direction.
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When the Court asked whether the notification applied to all sectors, the Advocate General replied in the affirmative. The bench observed that the matter required detailed hearing because of its wider public impact and decided to take it up in January. The Court added that petitioners may file their responses to the State’s objections before the next hearing.
Petitioners’ counsel B.K. Prashanth requested that the State be restrained from enforcing the order until the case is decided. The Advocate General responded that the government had already begun implementing the notification across all sectors.
Justice Mulimani noted that nothing would change between now and the next hearing and emphasised that the Court would consider all arguments thoroughly before issuing any direction. The bench then adjourned the matter to January 20 and asked petitioners to file any additional applications with copies to the State’s counsel.
