Musk’s Trump meeting lifts Tesla, while BYD shares slide

Tesla shares climbed 2.2% in after-hours trading on Sunday following Elon Musk’s unexpected reunion with President Donald Trump at Charlie Kirk’s funeral in Glendale, Arizona.

The two met publicly for the first time since their fallout earlier this year. This happened inside Trump’s private box at State Farm Arena, where over 60,000 people came to pay respects to the conservative commentator.

The moment was caught on video. Elon walked up, shook Trump’s hand, and stood close to him as they exchanged words. UFC president Dana White was standing next to them. The reunion seemed short, but it immediately sent signals across political and financial circles.

Trump hugs Musk, says “I’ve missed you”

A professional lip reader, Nicola Hickling, analyzed the clip. She says Trump greeted Elon by asking, “How are you doing?” Elon gave a shrug. Trump followed up with, “So Elon, I’ve heard you wanted to chat.”

Dana stayed silent as the two continued. Trump leaned in and said, “Let’s try and work out how to get back on track.” Elon nodded. Then Trump grabbed his hand and said, “I’ve missed you.”

The meeting came just months after Elon stepped down from his government post. Back in June 2025, he quit as head of the Department of Government Efficiency (DOGE) and went on a long social media rampage targeting Trump’s policies.

Since then, Elon had been vocal about how government systems were “wasting time and money,” but Sunday’s encounter may suggest a shift in tone — or at least a temporary ceasefire.

The fact that this happened in public, in front of thousands, wasn’t missed by traders. Many tied the sudden Tesla rally to this political moment.

BYD tanks 3.6% after Buffett fully dumps shares

While Tesla gained, its Chinese competitor BYD saw its stock fall by 3.6%, the sharpest drop in three weeks. The hit came after Berkshire Hathaway, run by Warren Buffett, completely exited its position in the company.

Berkshire Hathaway Energy, the unit holding the shares, had listed the value of BYD at zero as of March 31.

Buffett first invested in BYD back in September 2008, buying 225 million shares. The stock rose more than 4,500% between then and March this year. Over time, Berkshire trimmed the position.

By mid-2022, the stake was falling. When it dropped below 5%, they no longer had to disclose sales under Hong Kong Stock Exchange rules. This opened the door for a quiet exit, which is now confirmed to be complete.

BYD has lost nearly 30% of its value since hitting an all-time high four months ago. Investors are worried it can’t keep up in China’s brutal EV price war.

More domestic competitors are entering the space, making it harder for BYD to protect its lead. Once known mainly as a battery maker for mobile phones, BYD grew into the top hybrid and EV seller in China.

The original investment came after Charlie Munger, Buffett’s longtime best friend and business partner, backed the decision. He worked with Li Lu, the chairman of Himalaya Capital, to buy into the company. That investment turned out to be a huge win. But now it’s over. And the market responded fast.

Li Yunfei, who handles branding and PR at BYD, posted a statement on Weibo. He said, “In stock investing, buying and selling are normal practices.” He also thanked Munger and Buffett for their “recognition of BYD, and for their 17 years of investment, support, and companionship.”

This quote closed the chapter on a long financial relationship, but it didn’t slow the fall in BYD’s stock price. As of Monday, it was one of the worst-performing names on the Hang Seng China Enterprises Index.

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