Disaster for Musk, here’s what’s happened to Tesla’s stock since he announced the creation of his new party
Elon Musk’s political activity has seen his Tesla stock tank.
What’s in between a little bumper-to-bumper bounce and a full-on write off of a vehicle? Whatever word springs to mind, that’s about what has happened to Elon Musk’s baby, Tesla Motors.
The South African has gone from being one step away from sitting on Trump’s lap in the Oval Office to screaming about him online. He’s even gone so far as to try to disrupt the current democratic system and its two-party dominance, creating the ‘America Party’, which will, according to the multi-billionaire, “give you back your freedom.”
We’re yet to see just how he will do that, what methods he will use, which people he will call on, and where he will end up. For now, however, Mr. Musk has a more pressing problem: his tanking Tesla stock.
From being one of the most promising companies in the world to sidling up to power, Telsa’s stock has fluctuated more than the flux capacitor on the Millennium Falcon. It’s wildly jumped up and down depending on what Musk and Trump shared for breakfast during the former’s fling at the White House, and now it appears to have taken a funny turn once more in the aftermath of Musk’s Smackdown vs. Raw style return to politics, sinking 6.79% overnight.
Trump also jumped aboard the anti-Musk train and kept the fires burning in their online battle. Writing on his Truth Social platform, the former reality TV star typed: “I’m saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks."
The reason behind the dip in share prices was explained by Neil Wilson, a strategist at UK trading platform Saxo Markets, who told CNN that “investors had cheered Musk stepping back from frontline politics,” adding, “but are now worried he’s going to (be) sucked back in and take his eye off Tesla.”
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Despite the fact that they summersaulted when Musk was initially given the spare bedroom in the White House, the unelected head of DOGE’s Tesla stock has lost more than a third of their value ever since.
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