6 Jun 2025
Epstein Files: Trump claims he distanced from Jeffrey Epstein when he was arrested again in 2019.
Amid the feud with Trump, Musk and Tesla suffered the biggest drop in valuation ever. Tesla shares tanked 14%, wiping out $152 billion from its valuation in a single day. Musk lost $32 billion on the same day.
Trump Coin ($TRUMP) dropped by 10.9%, and bitcoin plummeted below $101,000.
Trump’s Big Beautiful Bill rescinds the $7,500 federal tax credit given to EVs, which significantly incentivises Tesla buyers. Trump also threatened to axe government contracts with Tesla and SpaceX. Both companies received at least $38 billion in federal subsidies, loans, defence contracts, and tax credits. This disrupted investor sentiment, thus tanking the stock.
NASA depends heavily on SpaceX to transport cargo and crew to the International Space Station via Dragon spacecraft.
Musk is now spearheading a campaign to ‘Kill the Bill’. The Big Beautiful Bill has passed the House and could be stopped in the Senate with just four Republican refusals.
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