A reignited Trump-Musk feud burns Tesla investors, shares of EV company tumble 8%
Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republican spending bill that passed late last week. Musk has been highly critical of the bill, which he said would kill jobs and bog down burgeoning industries.
In a social media post on Sunday, Trump said that the billionaire owner of SpaceX, Tesla and X had gone 'off the rails' in recent weeks.
Investors fear that Musk's companies, which receive significant subsidies from the federal government, could suffer further if his feud with Trump continues to fester.
'With the autonomous future ahead and the AI Revolution in full force Musk/Tesla do not need to keep poking the bear as Trump can create more hurdles for Musk/Tesla/SpaceX over the coming years if this political battle gets nastier heading into mid-terms in 2026,' Wedbush Securities analyst Dan Ives wrote in a note to clients late Sunday.
Tesla shares have been extremely volatile since Musk went all-in for Trump in the run-up to last year's election with the company facing a growing backlash as a result of Musk's embrace of right-wing politics and his role in the Trump administration.
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Shares have plunged in Europe and the U.S.. Industry analysts believe a large part of that slump is being driven by Musk's affiliation with Trump and far-right parties like Germany AfD. But Tesla is facing rising competition globally, particularly in China.
Since hitting an all-time high of $479.76 on Dec. 17, Tesla shares have lost about 40% of their value. Tesla shares are down about $26 each since Thursday's close, to $289.75.
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CBC
12 minutes ago
- CBC
Trump, Netanyahu expressed optimism ceasefire deal in Gaza can be reached as leaders meet
Israeli Prime Minister Benjamin Netanyahu told U.S. President Donald Trump that he is nominating him for a Nobel Peace Prize as the two took a victory lap on Monday after their recent joint strikes on Iran 's nuclear facilities, with both hailing the 12-day war as an unmitigated success. The two leaders sat down with their top aides for a dinner in the White House Blue Room to mark the operation and discuss efforts to push forward with a 60-day ceasefire proposal to pause the conflict in Gaza. "He's forging peace as we speak, and one country and one region after the other," Netanyahu said as he presented Trump with a nominating letter he said he is sending the Nobel committee. But as Netanyahu arrived at the White House for his third visit this year, the outwardly triumphant visit is dogged by Israel's 21-month war against Hamas in Gaza and questions over how hard Trump will push for an end to the conflict. In an exchange before reporters before the dinner got underway, both leaders expressed optimism that their success would mark a new era in the Middle East. "I think things are going to be really settled down a lot in the Middle East," Trump said. "And, they respect us and they respect Israel." But Trump also said he was unsure a two-state solution was still possible. Trump has made clear that following last month's 12-day war between Israel and Iran he would like to see the Gaza conflict end soon. The meeting between Trump and Netanyahu may give new urgency to a U.S. ceasefire proposal being discussed by Israel and Hamas, but whether it leads to a deal that ends the war is unclear. Netanyahu's visit follows Trump's prediction, on the eve of their meeting, that such an agreement to end the war in Gaza could be reached this week. Before heading to Washington, the right-wing Israeli leader said his discussions with Trump could help advance negotiations under way in Qatar between Israel and the Palestinian militant group. WATCH | Will Netanyahu annex the West Bank? Palestinians fear Israel is preparing to annex the West Bank 14 hours ago Duration 3:03 We will be watching to see whether Israeli Prime Minister Netanyahu is asked about the West Bank. Fifteen of his cabinet ministers have signed a petition urging him to annex the territory by the end of the month. The CBC's Margaret Evans has more. Seizing on momentum Trump and his aides appeared to be trying to seize on any momentum created by the weakening of Iran, which backs Hamas, to push both sides for a breakthrough in the 21-month Gaza war. He said he also wants to discuss with Netanyahu the prospects for a "permanent deal" with Iran, Israel's regional arch-foe. After arriving overnight in Washington, Netanyahu met earlier on Monday with Trump's Middle East special envoy Steve Witkoff and Secretary of State Marco Rubio in preparation for his talks with the president. He planned to visit the U.S. Capitol on Tuesday to see congressional leaders. Ahead of the visit, Netanyahu told reporters he would thank Trump for the U.S. airstrikes on Iranian nuclear sites, and said Israeli negotiators were driving for a deal on Gaza in Doha, Qatar's capital. Israeli officials also hope the outcome of the conflict with Iran will pave the way for normalization of relations with more of its neighbours such as Lebanon, Syria and Saudi Arabia, another issue expected to be on the agenda with Trump. Gaps between 2 sides Witkoff, who played a major role in crafting the 60-day ceasefire proposal at the centre of the Qatar negotiations, will travel to Doha this week to join discussions there, White House press secretary Karoline Leavitt told reporters on Monday. In a sign of continued gaps between the two sides, Palestinian sources said Israel's refusal to allow the free and safe entry of humanitarian aid into Gaza remains the main obstacle to progress in the indirect talks. Israel insists it is taking steps to get food into Gaza but seeks to prevent militants from diverting supplies. On the second day of negotiations, mediators hosted one round and talks were expected to resume in the evening, the Palestinian sources told Reuters. The U.S.-backed proposal envisages a phased release of hostages, Israeli troop withdrawals from parts of Gaza and discussions on ending the war entirely. Hamas has long demanded a final end to the war before it would free remaining hostages; Israel has insisted it would not agree to halt fighting until all hostages are released and Hamas dismantled. Trump told reporters last week that he would be "very firm" with Netanyahu on the need for a speedy Gaza deal and that the Israeli leader also wanted to end the war. Some of Netanyahu's hardline coalition partners oppose halting military operations but, with Israelis having become increasingly weary of the Gaza war, his government is expected to back a ceasefire if he can secure acceptable terms. A ceasefire at the start of this year collapsed in March, and talks to revive it have so far been fruitless. Meanwhile, Israel has intensified its military campaign in Gaza and sharply restricted food distribution. Gazans were watching closely for any sign of a breakthrough. "I ask God almighty that the negotiating delegation or the mediators pressure with all their strength to solve this issue, because it has totally became unbearable," said Abu Suleiman Qadoum, a displaced resident of Gaza City. The Gaza war erupted when Hamas attacked southern Israel in October 2023, killing around 1,200 people and taking 251 hostages. Some 50 hostages remain in Gaza, with 20 believed to be alive. Israel's retaliatory war in Gaza has killed more than 57,000 Palestinians, according to the enclave's health ministry. Most of Gaza's population has been displaced by the war and nearly half a million people are facing famine within months, according to United Nations estimates.
Globe and Mail
32 minutes ago
- Globe and Mail
Attention, Nvidia Shareholders: 1 Crucial Thing to Watch in the Second Half
Key Points Nvidia, after early headwinds, finished the first half of the year with a gain. The company reached a new milestone in recent days, one that could set the tone for share performance in the second half. 10 stocks we like better than Nvidia › The first half was a bit of a roller coaster ride for Nvidia (NASDAQ: NVDA) shareholders. The stock slid almost 30% from the start of the year to early April amid a variety of concerns -- from the future of artificial intelligence (AI) spending to worries that President Trump's import tariffs would weigh on the economy and corporate earnings. Meanwhile, the company continued to launch its new Blackwell platform and delivered double-digit quarterly revenue growth. The message for future prospects is bright too, with Nvidia speaking of soaring demand in the area of AI inference and launching projects abroad such as the building of AI infrastructure in Abu Dhabi. All of this, along with an easing of international trade tensions, prompted investors to return to growth stocks, and one of their top picks has been Nvidia -- the stock finished the first half with a 17% gain. Now, as we head into the second half of the year, you may be wondering how Nvidia will fare -- here's one crucial element to watch. Nvidia's success story Nvidia has built an amazing success story over the years, transforming itself from a company that mainly served the video gaming market to one that's at the center of one of today's highest growth industries. The graphic processing unit (GPU) still is integral to video games, but Nvidia -- thanks to sales of GPUs and related products and services -- today generates most of its revenue from AI customers. For example, in the latest quarter, data center revenue made up 88% of total revenue. This AI giant entered the AI market in its earliest days and aggressively built an empire. Today, selling the world's top-performing GPUs, Nvidia dominates the AI chip market and has pledged to update its chips -- and often complete architecture -- on an annual basis. It launched this annual rhythm with the Blackwell architecture and chip in the fourth quarter of last year -- the rollout went smoothly, Nvidia maintained gross margin in its forecast range, and Blackwell delivered $11 billion in revenue during its first quarter of commercialization. That represented a successful start to this fast-paced innovation plan, and this brings me to the point to watch now -- a new milestone for Nvidia -- as the second half begins. Nvidia's next launch is Blackwell Ultra, and it's already started as cloud player CoreWeave just announced the availability of the platform. CoreWeave now is offering customers access to GB300 NVL72, a system that's a step up from the original Blackwell and a leap from the Hopper architecture -- that was the main Nvidia architecture in use before the original Blackwell launch this winter. GB300 NVL72 may provide a fiftyfold jump in output for reasoning model inference compared to Hopper. A new product launch Now, the point to watch is this Blackwell Ultra rollout, with special attention to demand and whether the process is smooth or not. And once earnings season rolls around, it will be important to look at sales figures as well as gross margin. If this latest update mirrors the Blackwell launch, investors may have something to cheer about -- and we'll have reason to be optimistic about the next chip launches too. Nvidia will have proved its ability to successfully handle frequent chip releases and maintain strong growth and profitability on sales. If there's a glitch along the way or if Nvidia misses a financial goal, then it will be important to dig deeper and examine whether this was just a one-time problem or something that could persist through the next product launches. This is crucial for Nvidia because its market leadership depends on this ability to innovate and successfully roll out a new product. Demand for Blackwell this winter, with it exceeding supply at certain moments, shows us customers are eager to get their hands on the next Nvidia innovation. That's positive, but Nvidia must smoothly deliver on promises in order to keep this momentum going. So far, with the Blackwell launch as a reference point, there's reason to be optimistic. And if Nvidia scores a win with the Blackwell Ultra launch too, the company could see its stock continue to march higher in the second half. Should you invest $1,000 in Nvidia right now? 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Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Colombia's president backtracks on accusations against US officials in letter to Trump
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