Tesla stock rose early Thursday following the company’s second-quarter delivery report. The reaction to deliveries demonstrates that car sales still matter to the company, despite CEO Elon Musk’s increased focus on robo-taxis.

Tesla stock sunk as much as 8% after President Donald Trump fired a new shot at Elon Musk. Trump said Musk had government subsidies than "any human being in history" in a post on Truth Social. The pair's feud was reignited by more criticism from Musk over Trump's tax bill.

President Trump hit back on Truth Social, threatening to slash Tesla’s and SpaceX’s federal perks. Wall Street noticed fast, with Tesla crashing 14% on June 5, wiping out $150 billion in value. Despite rebounding from that event, Tesla stock is still down 21% year-to-date, performing the worst of the Magnificent 7.