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."

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.

Tesla shares dropped more than 5% on Thursday on a day otherwise devoid of news for the electric vehicle maker, leading traders to speculate that Musk's increasingly pointed rhetoric suggests strain in the relationship that has benefited his sprawling empire of businesses.