COINOTAG News reported on June 6 that the strained relationship between former U.S. President Donald Trump and Tesla CEO Elon Musk has gone beyond social media controversies, evolving into a significant political and business confrontation. Trump criticized Musk for accepting government subsidies while opposing certain policies, threatening to cut contractual ties with Musk and withdraw his support. Musk responded to Trump, accusing him of ingratitude and hinting at sensitive legal issues, which has drawn considerable public attention. This discord led to Tesla's stock price plummeting 14% in a single trading day, exacerbating concerns over the volatility of tech stocks and overall market risk appetite.
The deterioration of the relationship between these high-profile individuals has increased pressure on Musk's corporate reputation and investor confidence. Market participants are closely monitoring developments, as the resulting political uncertainty could negatively impact sentiment in the stock market and cryptocurrency market. Bitunix analysts suggest cautiously managing positions in the context of rising political risks and point out that Bitcoin faces resistance around $105,000. Failure to break through this level could lead to continued downward pressure, with support around $100,000. Investors are advised to wait for the upcoming non-farm payroll data before taking significant action to gain clearer market direction.
