Tesla's Tumultuous Tumble: Musk vs. Trump Showdown
Tesla's stock took a hit amid a renewed conflict between Elon Musk and Donald Trump over a substantial tax and spending bill. As investors react to Musk's criticism and political maneuvering, Tesla faces challenges, with Musk hinting at forming a new political party and Trump's disapproval of EV subsidies.
- Country:
- United States
Tesla shares plummeted Tuesday, exacerbated by an escalating war of words between its CEO Elon Musk and former President Donald Trump. Central to their dispute is a massive tax break and spending bill that Musk vehemently opposes, warning it could jeopardize the industry.
The stock has already tumbled over 20% this year, with sales waning amid Musk's contentious ties with the Trump administration. Markets worldwide, including Europe and China, have shown a marked decline in Tesla's vehicle sales.
Musk threatened to form a new political party if the bill passes, criticizing it as detrimental to emerging sectors. This public discord is disconcerting for investors, especially as Musk's companies, including SpaceX, face heightened scrutiny from the government.
(With inputs from agencies.)
Google News