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.

Tesla shares dropped after President Trump and Elon Musk renewed their feud over Trump's tax-and-spending bill. As Senate Republicans struggle to corral enough votes to pass the "big, beautiful bill,"

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.