Tesla stock falls 15 per cent in one of worst days in company history
Tesla stock has plummeted by more than 15 per cent, meaning the electric vehicle company has suffered its worst day of trading in more than four years.
On Monday, the company’s share price dropped by 15.4 per cent, the biggest drop since September 2020.
This continues a pretty clear trend in the company’s stock price in recent weeks – down. Since Donald Trump was inaugurated as president, and Tesla CEO Elon Musk became his right-hand man, the price of Tesla shares has tanked by more than 50 per cent.
After sitting at an all-time high of $479.86 in December, the electric car company’s stock value sat at $222.15 when markets closed on Monday. To put this another way, roughly $800 billion has been wiped from the company’s value.
The disastrous day for Tesla prompted a Truth Social post from the president, who leapt to his beloved Musk’s defence.
He said the billionaire is “putting it on the line” to help America and is “doing a fantastic job.” Trump went on to claim the “radical left lunatics” are trying to “illegally and collusively boycott Tesla” in order to “attack and do harm to Elon.”
Well, that’s the free market for you!
Meanwhile, Musk himself has tried to brush off the worrying financial performance of his company, writing on X that Tesla will be “fine long-term.”
He didn’t give any more explanation.
Since Trump’s inauguration, Musk has been put in charge of the Department for Government Efficiency, slashing thousands of jobs in government and getting rid of entire departments.
But perhaps its Nazi salutes, backing far-right European parties, and spouting misinformation that are the real reasons for markets and customers shunning Tesla.
