Tesla shares dropped 14% on Thursday, wiping out over $150 billion in market value. The stock has declined in four of the past five trading sessions.

The sharp fall in Tesla’s share price came after a public disagreement between Tesla CEO Elon Musk and US President Donald Trump. The company’s market capitalisation fell below the $1 trillion mark and ended the day at $916 billion, its biggest single-day loss in value ever.

The dispute began after President Trump threatened to cancel government contracts linked to Musk’s businesses. He made the remarks in response to Musk’s criticism of the government’s spending bill. Trump said Musk had become difficult to deal with and accused him of overreacting.

“Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump posted on Truth Social, his social media platform.

Earlier in the day, Trump said from the Oval Office, “Elon and I had a great relationship. I don’t know if we will anymore. I was surprised.” He added that Musk seemed upset about the lack of electric vehicle (EV) credits in the new bill.