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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.

Jon Keegan9h

Delhi High Court says Apple could face $38 billion penalty in Indian antitrust case

India’s Delhi High Court says that Apple could face a penalty as high as $38 billion for what its investigators describe as "abusive conduct” related to the tech giant's app store, according to Reuters.

Apple is challenging the constitutionality of country's new antitrust law, taking specific issue with the fact that penalties are calculated based on companies’ total annual global revenue, rather than just revenue derived from India.

That global figure could mean fines as high as $38 billion, according to a court filing seen by Reuters.

The Competition Commission of India has not issued a final ruling in the case.

Apple contests India's antitrust penalty law with risk of $38 billion fine, filing shows

That global figure could mean fines as high as $38 billion, according to a court filing seen by Reuters.

The Competition Commission of India has not issued a final ruling in the case.

Jon Keegan12h

Anthropic CEO Amodei asked to testify before Congress about Claude-powered Chinese cyberattack, Axios reports

Earlier this month, Anthropic revealed that Chinese state actors had used its Claude chatbot to orchestrate and execute a cyber espionage campaign for the first time. The company said that after it detected its product was being used in that manner, it was able to respond and disrupt malicious behavior.

Now, Anthropic CEO Dario Amodei has been called to testify before the House Committee on Homeland Security, along with Google Cloud CEO Thomas Kuria and Quantum Xchange CEO Eddy Zervigon, Axios reports.

The House committee is seeking information about how nation-state actors are using AI agents to devise and execute novel cyberattacks, like the one that Anthropic disrupted.

Exclusive: Anthropic CEO called to testify before Congress about Chinese AI cyberattack

The House committee is seeking information about how nation-state actors are using AI agents to devise and execute novel cyberattacks, like the one that Anthropic disrupted.

Max Knoblauch11/21/25

Joby sues Archer, accusing its air taxi rival of stealing trade secrets

The rivalry between two much-hyped air taxi companies is heating up, as Joby Aviation has sued Archer Aviation, alleging the latter stole its trade secrets and used them to undercut a partnership deal in an act of “corporate espionage, planned and premeditated.”

Archer called the lawsuit “baseless litigation” without merit in a statement to CNBC.

The lawsuit alleges that this summer, Joby’s US state and local policy lead, George Kivork, was recruited by Archer. The company alleges that two days before announcing his resignation from Joby, Kivork downloaded “dozens” of files and sent additional material to his personal email account.

The following month, the lawsuit states that a strategic partner that had worked with Kivork while at Joby told the company it had been approached by Archer with a more lucrative deal.

Boeing’s air taxi subsidiary, Wisk, sued Archer in 2021, accusing the latter of “brazen theft” of confidential information and intellectual property.

Archer and Joby are both racing to develop electric air taxis for use in commercial flight. Each has also struck deals with major defense contractors.

Joby lawsuit accuses air taxi rival Archer of using stolen information to 'one-up' deal

The following month, the lawsuit states that a strategic partner that had worked with Kivork while at Joby told the company it had been approached by Archer with a more lucrative deal.

Boeing’s air taxi subsidiary, Wisk, sued Archer in 2021, accusing the latter of “brazen theft” of confidential information and intellectual property.

Archer and Joby are both racing to develop electric air taxis for use in commercial flight. Each has also struck deals with major defense contractors.

Meta wins in FTC antitrust trial

The five-year-long case results in another big win for Big Tech as companies evade aging antitrust laws.

Jon Keegan11/18/25

Congress votes to end shutdown

The over 40-day government shutdown came to an end without a guarantee that the ACA tax credits will be extended.

J. Edward Moreno11/12/25