Shares of Tesla dropped by 14.2% as the market closed Thursday, the electric vehicle company’s 11th-worst day on the market ever. At one point in Thursday’s back-and-forth, Trump threatened the federal contracts that funnel billions toward Musk’s companies.

Traders dumped Tesla after Musk quickly responded to Trump's criticism with social media posts that stepped up criticism of the president's tax bill.

Tesla stock extended declines from earlier in the week as Trump and Musk traded words over the GOP budget bill, which Musk has described as an "abomination."