Milan Kovac said he was leaving to spend more time with family abroad and that his exit "has absolutely nothing to do with anything else," calling support for CEO Elon Musk "ironclad."

Shares of Elon Musk’s electric vehicle maker are falling sharply Thursday as investors fear his dispute with Donald Trump could end up hurting the company.

Electric vehicles are expected to take a hit under the existing reconciliation budget proposal, but that isn’t the only provision that would seemingly hurt Elon Musk and his business if passed as written.