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Tesla shares dive as investors fear new Elon Musk political party will damage brand (www.theguardian.com)

submitted 22 hours ago by cm0002@lemmy.cafe to c/usa@midwest.social

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Shares in Tesla are heading for a sharp fall in the US as investors fear Elon Musk’s launch of a new political party will present further problems for the electric carmaker.

Tesla stock was down more than 7% in pre-market trading on Monday, threatening to wipe approximately $70bn (£51bn) off the company’s value when Wall Street opens.

If the shares fell by that much, the value of Musk’s stock would fall by more than $9bn to about $120bn. The Tesla and Space X boss remains comfortably the world’s richest person, with a wealth of about $400bn, according to Forbes.

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[–] benignintervention@lemmy.world 9 points 21 hours ago (1 children)

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But seriously, when will stock take a back seat to human decency and literal survival

[–] homesweethomeMrL@lemmy.world 2 points 17 hours ago

As soon as there are consequences for corruption.

I.e. not soon.

[–] HootinNHollerin@lemmy.dbzer0.com 6 points 20 hours ago

The nazi brand must never recover

[–] some_guy@lemmy.sdf.org 2 points 17 hours ago

Woohoo! Let’s go even lower!