The drop comes as shares of the EV maker saw a 22% rally in May with Musk wrapping up his time as head of Trump's Department of Government Efficiency, or DOGE.

On Tuesday, Musk slammed the GOP’s multitrillion-dollar budget package, which narrowly passed the House and has moved to the Senate, as a “disgusting abomination,” calling it “massive, outrageous, pork-filled” bill on X. “Shame on those who voted for it: you know you did wrong. You know it,” he wrote in the post.