Tesla remains Musk’s best-known business, but its fortunes are less directly tied to the government than SpaceX, his rocket-building company.

U.S. Senate Republicans passed President Donald Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $3.3 trillion to the national debt.

Tesla stocks have also been negatively impacted by the feud between Trump and Musk. At press time, Tesla stock (TSLA) has been down by over 5.72% in pre-market trading. The company's stock dropped sharply to $296.01, marking a three-week low as of July 1.