Car company’s shares dropped by 14.2% and its billionaire CEO’s net worth reduced by $8.73bn
Tesla’s shares dropped by about 14.2% on Thursday at market close, wiping roughly $152bn off the value of the company as a feud between Elon Musk and Donald Trump erupted into public view. The former political allies traded threats and insults through posts on their respective social media platforms throughout the afternoon as the company’s price fell.
The decline in Tesla’s share price on Thursday knocked about $8.73bn off Musk’s total net worth, according to the Bloomberg Billionaires Index. The reported $152bn drop also decreased the value of the company to roughly $900bn.
Tesla has struggled throughout the year amid declining sales and buyers around the world rejecting the automaker due to Musk’s association with far-right politics. Stock traders who had shorted Tesla shares made billions amid the spat, per the Wall Street Journal.
I wonder if that had any meaningful effect whatsoever… Maga isn’t into EVs. Not even if Trump tells them to.
They didn’t buy the cars, they bought the stock.
The stock is Tesla’s real product and has been for years. That’s why Musk was using company funds to buy Bitcoin. There’s zero gain from investing in the cars, because the stock price of Tesla has nothing to do with their cars
1 vote. Out of 435… Of course it had a meaningful impact. And if you don’t think a significant amount of wealthy MAGAts buy Teslas because of the convenience of not having to go to gas stations and because they support Musk/Trump, you’re kidding yourself. Maybe they’re not as supportive of the renewable, clean energy part of it as Democrats and Independents, but way too many people bought Cybertrucks after Musk showed who he really is…