Tesla stock plunges as Musk takes a chainsaw to his business empire
The tit-for-tat feud between the president of the United States and the world’s richest man unleashed a figurative chainsaw on Musk's own business empire.
As Musk dropped Epstein “truth bombs” and calls for impeachment, stock in the electric vehicle, battery energy storage and artificial intelligence businesses spiralled down.
Tesla’s shares ended, on Friday 6th of June, down by more than 14 per cent, wiping roughly $US150 billion off its market value “on a day absent other news about the company.”
The big concern now facing Tesla and its shareholders is not being at the mercy of the whims of Musk, but being at the mercy of Trump, who has power to hurt his former favourite billionaire.
Tesla’s stock is under major pressure … as investors fear that this Musk/Trump battle will stop their friendship and change the regulatory environment for Tesla on the autonomous front.
Dan Ives, Wedbush Securities managing director
Ives believes there is scope for the “high school friends feud” to resolve and the relationship to mend, but says “this must start to be calmed down on the Musk and Trump fronts, and it’s not good for either side.”
It’s another Twilight Zone moment in this Musk/Trump relationship which now is quickly moving downhill.