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.
Eh, Tesler stock value hasn’t even returned to the value it had on April 8th, and even then it was only returning to the pre-election value. When Musk anounced his dark maga bullshit and inserted himself into politics Tesler’s value shot through the roof. Ever since then it seems like investors want to believe that added real value. I’m unconvinced.
* Tesla’s valuation
Important distinction
It’s called pump-and-dump, by the way.