Tesla shares fell 4.78% during Tuesday’s pre-market session after CEO Elon Musk criticized President Trump’s proposed spending bill, reigniting speculation about Musk’s political ambitions. Musk posted on X that if the “insane” bill passes, he would form the “America Party,” warning lawmakers they would lose their primaries for supporting it. Trump fired back on Truth Social, claiming Musk’s empire depends on federal subsidies. The bill’s proposed removal of the $7,500 EV credit could hit Tesla and the broader EV sector. Tesla experienced a 60% decline in vehicle registrations in Denmark and Sweden, and reported near-zero sales in Canada. Investor Gary Black warned that Q2 deliveries may miss estimates, while researcher Troy Teslike suggested Tesla could report GAAP losses starting in Q1 2026.
