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Tesla shares fall after Lutnick goes on TV and recommends stock (www.axios.com)

submitted 5 months ago* (last edited 5 months ago) by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

Tesla shares fell 1.7% Thursday after Commerce Secretary Howard Lutnick urged Americans to buy the stock on Fox News, calling it "unbelievably cheap."

His comments sparked controversy as cabinet secretaries rarely endorse individual stocks.

Despite Lutnick’s endorsement, Tesla's stock is down 42% this year amid dealership protests and declining brand value.

Wedbush analyst Dan Ives labeled Tesla’s situation a “crisis,” urging Musk and the board to address mounting concerns. Cantor Fitzgerald, formerly led by Lutnick, had upgraded Tesla shortly before his remarks.

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[–] Nougat@fedia.io 6 points 5 months ago (1 children)

Administration officials are just pimping company stocks now, huh?

[–] partial_accumen@lemmy.world 8 points 5 months ago

Do you not remember this from his first term?

I still actively avoid Goya to this day and will go without instead of buying if they're the only brand on the shelf.