Intel stock spikes after report of possible US government stake
Investing.com-- White House aides have scheduled a call on Friday between President Donald Trump and billionaire Elon Musk in an attempt to deescalate a bitter, public feud between the two, Politico reported on Thursday.
The report appeared to have boosted Tesla (NASDAQ:TSLA) shares, which slumped over 14% on Thursday as the feud worsened. 24-hour trading data on Robinhood (NASDAQ:HOOD) showed Tesla trading up 5% at $298.64 after the Politico report.
Politico said Trump had projected an “air on nonchalance” over the Musk feud during a brief telephone interview with the outlet."“Oh it’s okay... It’s going very well, never done better," Trump told Politico.
Separately, White House aides had organized a call between the two, scheduled for Friday, after working to temper Trump’s public criticism of Musk, Politico reported.
A growing feud between Musk and Trump boiled over on Thursday, with the two engaging in personal attacks against each other on social media. The feud appeared to be triggered by Musk’s repeated, harsh criticism of a major tax cut and spending bill backed by Trump.
Trump’s administration defended the bill, which is steadily progressing through Congress, with the U.S. President threatening to cut government contracts awarded to Musk’s companies, especially SpaceX.
Musk had retaliated by alleging ties between Trump and disgraced late financier Jeffery Epstein.
The feud wiped out about $150 billion from Tesla’s market capital in a matter of hours on Thursday, presenting more share pressure on the EV maker. Tesla shares were now trading down about 25% so far in 2025.
While Tesla had initially benefited from Musk’s increasing influence in the White House, a rift between Musk and Trump threatens to reverse this trend, especially if Trump directs more policy action against Musk and the EV maker.