Tesla shares slumped on Thursday after Trump on social media threatened to cut off government contracts with Elon Musk's companies, following Musk's sharp criticism of the president's signature tax and spending bill on his X social media platform.

The market capitalisation of Tesla Inc. has fallen 29.3% to $917 billion so far this year, the biggest drop among big companies in the world.

Tesla, which ranked eighth globally in market capitalisation at the beginning of the year, slipped to tenth as of June 5.

The company's shares rose in early trading on Friday, as investors took some comfort from White House aides scheduling a call with Musk to broker peace after a public feud with Trump.

Apple, which began the year as the world's most valuable company, has slipped to No. 3 this year, dragged down by weak demand in China, Trump's tariff threats, and slower progress in artificial intelligence. Its market capitalisation has declined over 20% this year, falling to $2.99 trillion as of Thursday.

--Reuters--