President Donald Trump threatened to scrap government subsidies for Elon Musk’s companies, including Tesla, after the billionaire attacked supporters of his spending bill.

Tesla stock dropped 6% early on Tuesday as traders digested a new Truth Social post from Trump, which highlighted how much assistance Musk has gotten from the US government. The president also suggested having DOGE look into cancelling contracts with Musk's business empire.

Tesla shares dropped by nearly 5 percent in premarket trading following the president’s rant and fell further once the market opened. As of 10 a.m. ET Tesla shares had fallen below $300 to sit at $294.72. It is the latest setback for the troubled auto manufacturer which has seen its stock value crater in value following Musk’s foray into politics.