Trump’s deportation threat to Elon Musk sends Tesla stock to 3-week low
Trump’s deportation threat to Elon Musk sends Tesla stock to 3-week low originally appeared on TheStreet.
In a fresh new twist amid the Trump and Musk feud, President Donald Trump has suggested that billionaire Elon Musk, who is now the richest man in the world, may have more to lose than just electric vehicle (EV) requirements in their intensifying spat. When asked about deporting Musk, President Trump said, "he might have to take a look."
On Truth Social, the President also wrote that Elon Musk might have to "close up shop and go back home."
Crypto billionaires butt heads
Trump's vague comment suggested that the South African-born Musk might have some citizenship-related issues, sparking internet fears that these could be linked to the U.S. President's immigration reform policies. President Donald Trump and Elon Musk have both been very closely tied to the crypto industry.
Join the discussion with Scott Melker on Roundtable here.
Musk, for instance, has been bullish on Bitcoin and Dogecoin, which has boosted widespread interest and investment in digital currencies. While President Trump is often known as the 'crypto president' for his pro-crypto reforms within the industry and his promise to make the US the 'crypto capital of the world'.
Tension between Trump and Musk had been simmering before it reached its current boiling point, as Musk publicly criticized the president's "Big, Beautiful Bill", which claims to offer large cuts to taxes and services such as healthcare and food assistance but could push the debt ceiling over the current $3 trillion, believes Trump.
Join the discussion with WendyO on Roundtable here.
Musk told Forbes on June 5 that Bitcoin is going to "take over," pointing to concerns about a $40 trillion collapse of the U.S. dollar, with some of the blame attributed to Trump's big bill.
Crypto enthusiasts in the U.S. are struggling to reconcile Musk's political support with Trump's policy. At press time, Bitcoin is down to $106,580.78 from $107,000 mark seen on June 30.
Trump's suggestion that Musk might be stripped of citizenship coincides with an administration-wide "America First" immigration agenda aimed at restricting immigration to protect American values, and Musk's advocacy aligns with this agenda.
Tesla stocks have also been negatively impacted by the feud between Trump and Musk. At press time, Tesla stock (TSLA) has been down by over 5.72% in pre-market trading. The company's stock dropped sharply to $296.01, marking a three-week low as of July 1.
Trump’s deportation threat to Elon Musk sends Tesla stock to 3-week low first appeared on TheStreet on Jul 1, 2025
This story was originally reported by TheStreet on Jul 1, 2025, where it first appeared.
