Tesla stock dropped 6% early on Tuesday as traders digested a new Truth Social post from Trump, which highlighted how much assistance Musk has gotten from the US government. The president also suggested having DOGE look into cancelling contracts with Musk's business empire.

Shares of electric vehicle maker Tesla, which is headed by Elon Musk, slumped Tuesday as the war of words between billionaire and President Donald Trump over the big bill of tax breaks and spending cuts heats up again,

Tesla shares dropped by nearly 5 percent in premarket trading following the president’s rant and fell further once the market opened. As of 10 a.m. ET Tesla shares had fallen below $300 to sit at $294.72. It is the latest setback for the troubled auto manufacturer which has seen its stock value crater in value following Musk’s foray into politics.