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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.

David Crowther

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.

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.

Tesla Market cap
Sherwood News

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.

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Jon Keegan

Maine is the first to pass a statewide ban on large data centers

The tide is turning against big AI data centers.

In addition to many cities and towns that have passed outright bans on data centers, lawmakers in at least 11 states have introduced legislation to pause their construction, citing the need to carefully study power and water usage of the facilities.

But Maine just became the first state to successfully pass a ban on large data centers. If Maine Governor Janet Mills signs the bill into law, new data centers that draw more than 20 gigawatts of power would be banned until late 2027, and the state would set up a mechanism to study the impact of data center energy usage.

Last month, a federal bill was introduced to block new data centers until AI regulation has been passed. The issue has been getting more attention in this election year, as voters in data center hubs like Virginia have soured on the facilities.

Look at the crumbling support among Virginians (America's first data center hot spot) for data centers:

But Maine just became the first state to successfully pass a ban on large data centers. If Maine Governor Janet Mills signs the bill into law, new data centers that draw more than 20 gigawatts of power would be banned until late 2027, and the state would set up a mechanism to study the impact of data center energy usage.

Last month, a federal bill was introduced to block new data centers until AI regulation has been passed. The issue has been getting more attention in this election year, as voters in data center hubs like Virginia have soured on the facilities.

Look at the crumbling support among Virginians (America's first data center hot spot) for data centers:

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Jon Keegan

Trump pulls tech execs even closer, adding Zuckerberg, Huang, Ellison, and others to tech council

President Trump has had a close relationship with America’s biggest tech leaders. They have flown across the world for investment announcements, attended intimate dinners at the White House, donned tuxedos and white ties for royal banquets, and have been known to bring golden gifts to him in the Oval Office.

Today he brings them in even closer. The White House announced that Nvidia CEO Jensen Huang, Meta CEO Mark Zuckerberg, and close pal and Oracle cofounder Larry Ellison will join a new President’s Council of Advisors on Science and Technology, along with 10 other tech leaders including Dell founder Michael Dell and Google cofounder Sergey Brin.

According to the White House, the group will “focus on topics related to the opportunities and challenges that emerging technologies present to the American workforce, and ensuring all Americans thrive in the Golden Age of Innovation.”

The full list of appointees:

Today he brings them in even closer. The White House announced that Nvidia CEO Jensen Huang, Meta CEO Mark Zuckerberg, and close pal and Oracle cofounder Larry Ellison will join a new President’s Council of Advisors on Science and Technology, along with 10 other tech leaders including Dell founder Michael Dell and Google cofounder Sergey Brin.

According to the White House, the group will “focus on topics related to the opportunities and challenges that emerging technologies present to the American workforce, and ensuring all Americans thrive in the Golden Age of Innovation.”

The full list of appointees:

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Saleah Blancaflor

Prediction markets show a tight (and tightening) Illinois Democratic Senate primary

It’s primary election time in Illinois, and as voters in the state head to the polls on March 17, there are a few races to watch closely across both parties.

While polls show that Darren Bailey is leading in the Republican race for governor, the primary election for a rare seat in the Democratic Senate to replace Sen. Dick Durbin is proving to be a tight one.

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At the top of the 10-candidate race are Raja Krishnamoorthi, Lt. Gov. Juliana Stratton, and Robin Kelly. Krishnamoorthi, a lawmaker from Chicago’s 8th Congressional District, was an early front-runner, received funding and support from several Congress members for the seat. Kelly, who represented the South Side’s 2nd Congressional District, has support from the Congressional Black Caucus and South Carolina Rep. Jim Clyburn. Meanwhile, Stratton has been endorsed by Gov. JB Pritzker, whose administration she used to work for, as well as Sen. Elizabeth Warren.

While polls suggested that Krishnamoorthi was favored to win, Stratton has seen a boost and late surge, though Krishnamoorthi still remains close behind. Capitol News Illinois reports that Illinois Future PAC, funded by Pritzker, has spent more than $10 million on ads elevating Stratton. Meanwhile, two PACs affiliated with the crypto industry have attempted to attack Stratton and promote Kelly. Indian American Impact, which endorsed Krishnamoorthi, reportedly employed similar tactics against Stratton.

Political insiders tell Capitol News Illinois the race could go either way, but they still expect Krishnamoorthi to come out on top. Prediction markets currently show that Stratton narrowly leading Krishnamoorthi.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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At the top of the 10-candidate race are Raja Krishnamoorthi, Lt. Gov. Juliana Stratton, and Robin Kelly. Krishnamoorthi, a lawmaker from Chicago’s 8th Congressional District, was an early front-runner, received funding and support from several Congress members for the seat. Kelly, who represented the South Side’s 2nd Congressional District, has support from the Congressional Black Caucus and South Carolina Rep. Jim Clyburn. Meanwhile, Stratton has been endorsed by Gov. JB Pritzker, whose administration she used to work for, as well as Sen. Elizabeth Warren.

While polls suggested that Krishnamoorthi was favored to win, Stratton has seen a boost and late surge, though Krishnamoorthi still remains close behind. Capitol News Illinois reports that Illinois Future PAC, funded by Pritzker, has spent more than $10 million on ads elevating Stratton. Meanwhile, two PACs affiliated with the crypto industry have attempted to attack Stratton and promote Kelly. Indian American Impact, which endorsed Krishnamoorthi, reportedly employed similar tactics against Stratton.

Political insiders tell Capitol News Illinois the race could go either way, but they still expect Krishnamoorthi to come out on top. Prediction markets currently show that Stratton narrowly leading Krishnamoorthi.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Anthropic sues the US government

In response to the Pentagon’s unprecedented, punitive determination that Anthropic is a national security supply chain risk, the AI startup has sued the US government.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.