Tesla shares rebounded Friday after a public spat between President Trump and Elon Musk erased more than $150 billion from Tesla’s market value on Thursday, the company’s largest single-day loss.

Tesla shares rebounded following a significant drop that wiped out over $150 billion in market value after a public dispute between President Trump and CEO Elon Musk. The conflict, which included concerns about the potential loss of government contracts and incentives for Tesla and SpaceX, contributed to investor anxiety.

Despite ongoing worries about Tesla's sales performance and Musk's political involvement, investors were encouraged by Musk's renewed focus on leading Tesla. The company continues to face questions about succession planning and executive turnover, but the recent recovery in share price suggests some stabilization after the initial market reaction.

Tesla shares climb following president’s spat with Elon Musk

Crunching the numbers, I mean, honestly, when I'm looking at what happened to Tesla yesterday, you've got all this fighting on social media between the richest man in the world and one of the most powerful politicians in the world, if not the most powerful. What are you reading into what we've been seeing and whether you believe this is a knee-jerk reaction or whether there is some reasoning behind it? Because there's genuine concern that President Trump does have the power to take away government contracts and incentives away from Tesla and SpaceX. I think that is clearly a major concern for investors right now, Lenny. Obviously, the president and Elon Musk feuding among many different factors, not the least of which is Musk's criticism of the big, beautiful bill and whether or not there would be some subsidies for electric vehicles, maybe not in that bill after all. It goes without saying, though, that even before this very nasty feud, Tesla's stock was struggling mightily this year because there are legitimate worries about sales for Elon Musk and Tesla's electric vehicles because of Musk's support for the president, at least previously through his work with Doge, the deliveries for the first quarter were far below expectations. A lot of anecdotal evidence of people who might have been proponents of electric vehicles and fans of Tesla's cars no longer being as supportive because of what Elon Musk's politics were. I mean, it goes without saying that there are a lot of liberal people on both coasts that are fans of electric cars and they might have started looking for different alternatives. And that's something that has dragged down Tesla's stock dramatically this year. Yeah, I mean, we've also just this just into CNN, we've just learned that President Trump is going to get rid of the Tesla he purchased in March, the red Tesla. And of course, we will never forget those images of President Trump in front of Tesla and, you know, talking about buying Cybertrucks for his kids and so forth. I mean, it's really interesting just from one end of the spectrum to the next. But I wonder what this ultimately means for Tesla shareholders in the long term. What is your sense on that, Paula? Yeah, I mean, I think a lot of shareholders are heartened by the fact that Musk has decided to return more fully to his role as the leader of Tesla and has stepped back from Doge. But make no mistake, this is an individual who even without what was going on with Doge and his political involvement, Elon Musk is a very busy individual. Some would argue maybe a little distracted because of all the ventures he runs, including SpaceX, including the social media company X and everything involved with that. And Tesla has been criticized in the past for not necessarily having a great succession plan. I think there's worries about the brain drain. A lot of high profile executives have left Tesla. There are open questions on Wall Street about who could one day take over for Elon Musk if he were to ever step aside or be forced out by the board, which doesn't seem that likely of a scenario. But I don't think anything is out of the question anymore, just given how volatile Musk has been in recent months.

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Kyiv

Ukraine Invasion

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Washington

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

Jerusalem

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Global Tariffs

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

Paris

Macron held 'substantial' phone call with Putin

President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.

Everglades

Protesters gather around ‘Alligator Alcatraz’ as President Trump visits

Jurors in Sean “Diddy” Combs’ federal criminal trial said they have reached a verdict on four of the five counts, but they cannot reach a verdict on Count 1, which is racketeering conspiracy. The judge has instructed the jury to keep deliberating. Deliberations will resume Wednesday (July 2).

Jury reaches partial verdict in Sean "Diddy" Combs case

The U.S. Senate passed the Republicans' reconciliation bill on Tuesday (July 1) after more than 24 hours of marathon voting on amendments. Vice President JD Vance cast the tie-breaking vote.

U.S. Senate passes Trump's "big, beautiful bill"

The new order does not rescind existing sanctions on ousted longtime President Bashar al-Assad, his top aides, officials and family members who are accused of having committed war crimes and human rights violations against Syrian civilians.

Trump signs executive order lifting U.S. sanctions on Syria

Former criminology graduate student Bryan Kohberger has agreed to plead guilty to killing four Idaho college students in 2022, a move that would spare him the death penalty under a deal with prosecutors, ABC News reported on Monday (June 30).

Moscow

Suspect in murders of four Idaho college students to plead guilty

Thailand's Constitutional Court on Tuesday suspended Prime Minister Paetongtarn Shinawatra from duty pending a case seeking her dismissal, adding to mounting pressure on a government fighting for survival on multiple fronts.

Bangkok

Thai court suspends PM from duty pending case seeking her dismissal

Israeli strikes killed at least 60 people across Gaza on June 30 in some of the heaviest attacks in weeks as Israeli officials were due in Washington for a new ceasefire push by U.S. President Donald Trump.