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Tesla shares dive as investors fear new Elon Musk political party will damage brand (www.theguardian.com)

submitted 2 weeks ago by IndustryStandard@lemmy.world to c/usa@lemmy.ml

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Shares in Tesla are heading for a sharp fall in the US as investors fear Elon Musk’s launch of a new political party will present further problems for the electric carmaker.

Tesla stock was down more than 7% in pre-market trading on Monday, threatening to wipe approximately $70bn (£51bn) off the company’s value when Wall Street opens.

If the shares fell by that much, the value of Musk’s stock would fall by more than $9bn to about $120bn. The Tesla and Space X boss remains comfortably the world’s richest person, with a wealth of about $400bn, according to Forbes.

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[–] Voroxpete@sh.itjust.works 13 points 2 weeks ago (4 children)

Dammit. I actually thought there was a chance he might split the vote on the right. Now he'll pussy out and walk the whole thing back to protect his precious share price.

[–] AllNewTypeFace@leminal.space 1 points 2 weeks ago (1 children)

The party could also split the Democrats, or at least split some of their billionaire patrons off, with “reasonable” “centrist” money no longer going to the “sensible grownup” corporate Dems.

[–] ChicoSuave@lemmy.world 1 points 2 weeks ago

Good. It will hurt at first but the Dems need that level of deep change and it won't be started from within.

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