Tesla shares sink 5% as Musk continues to bash Trump's spending bill

Tesla's shares experienced a notable decline of approximately 5% on Thursday as CEO Elon Musk intensified his criticism of President Donald Trump's spending proposal, urging Congress to 'KILL' the bill. Musk has recently escalated his rhetoric, threatening to challenge lawmakers who support the legislation and labeling it a 'disgusting abomination.' This marks a considerable shift in his stance towards the administration. This downturn follows a significant 22% increase in Tesla's stock in May, despite disappointing sales figures. Currently, shares have fallen over 20% this year and are far from the peak of $488.54 reached on December 18. Following the conclusion of his role as a special government employee, Musk has openly clashed with the Trump administration, launching a vigorous attack on the president's flagship tax-cut initiative. 'When Elon goes all in, he really commits,' remarked Walter Isaacson, author of a biography on Musk, during an appearance on CNBC's 'Squawk Box.' 'He tends to express himself without much restraint and is genuinely frustrated,' Isaacson added. On social media, Musk has unleashed a series of criticisms regarding the Trump spending bill. Concurrently, Tesla is grappling with serious challenges, including declining electric vehicle sales in critical European markets and a waning brand reputation. Additionally, the company faces pressure to unveil a long-awaited driverless ride-hailing service this month in Austin, Texas, where Musk claims testing of autonomous vehicles is already underway. This comes as Tesla's main rival, Waymo, has launched an extensive commercial robotaxi service in collaboration with Uber in the same area.