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.

As the U.S. Senate debated President Donald Trump's "Big, Beautiful Bill" on June 30, one-time government employee Elon Musk lashed out, promising to go after any member of Congress who voted to pass the spending package.