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Fortune
Fortune
Amanda Gerut

‘Have a nice day, DJT!’ Raging feud between Trump and Musk tanks Tesla after Trump-Xi call calmed markets

Elon Musk Donald Trump Tesla Inc. Dan Ives United States Charles Lemonides Truth Social Xi Jinping Fortune Stock Market
US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025. (Credit: Francis Chung/Politico/Bloomberg via Getty Images)
  • Stock markets digested multiple major developments today including President Donald Trump’s announcement that he spoke with Chinese leader Xi Jinping on tariffs and trade. Meanwhile, Trump and his former confidant, Tesla CEO Elon Musk, continued to trade passive-aggressive—and just plain aggressive—jabs on their social media platforms, Truth Social and X, respectively. 

An action-packed Thursday drove markets down as multiple glugs of headlines prompted stock market moves. The Dow closed down 0.25%, while the S&P 500 closed down 0.53%. The tech-driven Nasdaq dropped 0.83%.

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