Donald Trump has unleashed on former MAGA mate Elon Musk, accusing him of being a “train wreck” and “off the rails” in a searing Truth Social post. The latest spat between the president and the richest man in the world has flared up after Musk promised to start his new “America Party”.

The reason behind the dip in share prices was explained by Neil Wilson, a strategist at UK trading platform Saxo Markets, who told CNN that “investors had cheered Musk stepping back from frontline politics,” adding, “ but are now worried he’s going to (be) sucked back in and take his eye off Tesla .”

Tesla's valuation dropped $70 billion on Monday morning after President Trump called CEO Elon Musk a "TRAIN WRECK" over the weekend