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Obliteration Day: Elon Musk’s spat with Trump wiped $152 billion from Tesla

That’s the largest one-day drop on record for the EV maker.

6/6/25 7:19AM

Yesterday’s unbelievable, unhinged, and entirely unmissable social media spat between Elon Musk and President Trump crescendoed when the Tesla boss alleged that the president’s name shows up in the Jeffrey Epstein files.

Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.

Have a nice day, DJT!
— Elon Musk (@elonmusk) June 5, 2025

Even before that bombshell moment, the feud between kingmaker and king, which on the surface seemed to flare up over the impending budget bill, had already done serious damage to the market’s view of the Tesla business, with the stock dipping on the very first salvo from Musk.

As Trump retaliated live — on his own social media platform, where he threatened to take away government subsidies and contracts awarded to Musk’s businesses — Tesla’s stock sank further, eventually closing down 14% for the day.

All told, the spat equated to a $152 billion loss in market cap yesterday. As Sherwood News’ Walt Hickey pointed out, that instantly makes some of Musk’s statements pretty strong contenders for the most expensive tweets ever sent.

Though it’s not the largest one-day percentage drop in Tesla’s stock in sheer dollar terms — that was a 21% decline on September 8, 2021, when the EV maker was refused entry into the S&P 500 Index — it is unrivaled. The stock has since pared some of its losses, trading 6% higher overnight.

Thank u, X

It wasn’t just Tesla that was impacted: an entire swath of “Trump trades” slumped on the dispute, including Trump Media & Technology Group, Palantir, bitcoin, and more.

Jimmy Kimmel’s suspension highlights Nexstar and Sinclair’s vast control over US airwaves

Nexstar and Sinclair control large swaths of US television stations. Nexstar’s planned merger could make their influence even greater.

Max Knoblauch9/18/25

Jon Keegan

9/17/25

Senator Mark Kelly wants AI companies to pay into a fund to offset AI’s negative impacts

The proposal would use money from top frontier AI companies to create an “AI Horizon Fund” to help retrain workers and pay for infrastructure upgrades in a “public / private partnership.”

Max Knoblauch9/16/25

Delta dips as the Trump administration orders the end of its joint venture with Aeromexico

Shares of Delta Air Lines ticked down on Tuesday morning following the Trump administration’s order that the airline dissolve its approximately 9-year-old joint venture with Aeromexcio by January 1, 2026.

Delta said it was disappointed in the decision, adding that the termination will “cause significant harm to U.S. jobs, communities and consumers traveling between the U.S. and Mexico.” CEO Ed Bastian previously said that the administration’s regulatory stance could be a “breath of fresh air” for the aviation industry.

The Biden administration tentatively decided last year to not renew the antitrust immunity agreement covering the joint venture. At the time, Delta said “$800 million in annual consumer benefits would evaporate” if the partnership were terminated.

Collaboration isn’t over between the two airlines: the Department of Transportation said Delta can maintain its 20% stake in the Mexican airline and the partnership can continue through “arms-length activities such as codesharing, marketing, and frequent flyer cooperation.”

Max Knoblauch9/11/25

The DOJ is suing Uber, alleging the company discriminates against passengers with disabilities

The Department of Justice has filed a lawsuit against Uber on Thursday, alleging that the company routinely and illegally discriminates against passengers with physical disabilities.

The lawsuit, filed in federal court in San Francisco, alleges that Uber’s drivers regularly refuse service to passengers with service animals and stowable wheelchairs. Some passengers are charged cleaning fees for service animals and cancellation fees after being refused a ride, the lawsuit alleges. According to the complaint, others are insulted or denied requests like sitting in the front seat due to mobility issues.

“Uber’s discriminatory conduct has caused significant economic, emotional, and physical harm to individuals with disabilities,” the lawsuit reads.

A survey last year by the organization Guide Dogs for the Blind found that more than 83% of people who are blind or visually impaired said they’ve been denied ride-share service.

In a statement to Bloomberg, Uber disagreed with the lawsuit, saying it has a “zero-tolerance policy for confirmed service denials.”

Jon Keegan9/9/25

Draft Senate bill gives AI companies a two-year pass on federal regulation, Bloomberg reports

Bloomberg reports that a draft bill from Senator Ted Cruz would give AI companies a two-year pass from any federal regulation when they apply to be part of a White House-controlled “regulatory sandbox.” Such a regulatory framework frees participating companies from federal agency oversight while simultaneously handing President Trump broad powers to shape a still nascent and increasingly powerful industry.

The draft bill allows companies approved for the waiver to request renewals for up to eight years, according to the report.

The fast-moving generative-AI boom that took the tech world by storm was kicked off by the release of OpenAI’s ChatGPT less than three years ago. A potential decade free of federal regulations would be a huge win for companies like Meta, Google, OpenAI, and Amazon.

In July, the US Senate voted 99-1 to kill a planned provision from President Trump’s massive tax bill that would have prevented any state from regulating AI for 10 years.

Draft Senate Bill Waives Federal Rules on AI Companies During Testing