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Tesla shares plunge 15%, suffering steepest drop in five years (www.cnbc.com)

submitted 5 months ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

Tesla shares plunged 15% on Monday, marking their worst single-day drop since 2020 and extending a seven-week losing streak.

The stock has fallen over 50% since December, wiping out $800 billion in market value.

The decline follows uncertainty over Trump’s tariff policies, brand erosion linked to Elon Musk’s political activism, and reports of vandalism targeting Tesla vehicles.

Tesla's European sales dropped 50% in January, while global EV sales rose 21%. Analysts warn that negative sentiment and delayed Model Y purchases may further impact demand.

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[–] TropicalDingdong@lemmy.world 7 points 5 months ago

Should be interesting to see what impacts this has.

Most of Musk's power comes from being able to leverage shares at a given price. Most of that share value is, well, preposterous. Something something the future something something value something something not actually a car company whatever.

The only interesting thing here is if this impacts his ability to wield power.