Tesla shares fell more than 14 per cent on Thursday, as the rift between Donald Trump and chief executive Elon Musk grew over the US President's tax bill.
The two billionaires dismantled large parts of the federal government during Mr Trump's first four months in office, but are now sparring over the contents of a Republican-led budget that is being debated by politicians in Congress.
“Elon and I had a great relationship. I don’t know if we will any more,” Mr Trump said in the Oval Office. “I was surprised.”
While he was speaking, Mr Musk sent out a series of posts on his X social-media platform critical of Mr Trump and the bill, called the “One Big Beautiful Bill Act”.
“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” Mr Musk wrote on X, which he bought in 2022.
Shares in Tesla closed 14.27 per cent lower to $284.68 a share, with the company's market capitalisation falling below the $1 trillion mark to $917 billion.
Stock in Trump Media fell 8.04 per cent to $20.12 a share.
Mr Musk, the world's richest man, spent about $300 million during the 2024 election to support Mr Trump and other Republican candidates.
But Tesla, the electric vehicle maker that Mr Musk runs, is likely to be affected by the budget bill circulating through Congress. The bill would eliminate a $7,500 tax credit for electric vehicles by the end of this year.
“Elon was 'wearing thin.' I asked him to leave,” Mr Trump posted on Truth Social.
“I took away his EV mandate that forced everyone to buy electric cars that nobody else wanted (that he knew for months I was going to do), and he just went crazy.”
Mr Musk responded by posting: “Such an obvious lie. So sad.”
Mr Trump also suggested cutting Mr Musk's government contracts and subsidies.
Mr Musk and his businesses, which includes SpaceX, has received at least $38 billion in government contracts, credits, loans and subsidies, according to an analysis conducted by The Washington Post.
He began his series of attacks against the bill, which he called a “disgusting abomination”, on Tuesday. A non-partisan analysis from the Congressional Budget Office estimated it would add $2.4 trillion to the US debt.
Mr Musk also denied a claim from Mr Trump that “he knew the inner workings” of the tax bill better than almost anyone else.
“This bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it,” he tweeted on Thursday.
Mr Musk left the White House last week after coming in with plans to slash $2 trillion in federal spending. But he most recently said that the Department of Government Efficiency would save $150 billion by the end of the 2026 financial year.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Sleep Well Beast
The National
4AD
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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GAC GS8 Specs
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Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
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