Trump Says He Assumes Relationship With Elon Musk Is Over, Warns of ‘Consequences’

President Donald Trump on Saturday said he assumes his relationship with Tesla (TSLA) CEO Elon Musk is over after a public spat that has rattled Tesla’s stock.

“I have no intention of speaking to him,” Trump told NBC News’ Kristen Welker in an interview Saturday, dampening hopes that they could soon reconcile amid reports that White House aides attempted to schedule a peacemaking call. Asked if their relationship was over, Trump said “I would assume so.”

Trump warned Musk, who this week on his social media network X floated the notion of “a new political party in America,” not to shift support to Democrats challenging Republicans who backed the president’s signature budget bill, dubbed the “One Big Beautiful Bill.”

“He’ll have to pay very serious consequences if he does that,” Trump said. 

Morgan Stanley analysts told clients in a note Friday that a deteriorating relationship between Musk and Trump could further dent Tesla’s sales, as it “could potentially (temporarily) alienate multiple sides of the political spectrum.” 

The electric vehicle maker has seen sales drop in the U.S. and other markets this year amid a political backlash to Musk’s role leading the Trump administration’s cost-cutting Department of Government Efficiency. Tesla’s stock had gained after Musk in April said he would scale back his government work, and left the Trump administration last month. 

Though Tesla shares rebounded to post gains Friday, they failed to recover all of Thursday’s losses amid worries about Musk and Trump’s relationship. The stock has lost roughly one-quarter of its value in 2025 so far, with Thursday’s drop pushing Tesla out of the $1 trillion market cap club.