Shares of Tesla (TSLA) have been up since Donald Trump won the election, with investors betting the carmaker would benefit from the more than $250M Elon Musk spent to support the campaign, Jack Ewing and Neal Boudette of The New York Times reports. A recent decline, however, nearly wiped out all that was left of the rally.
The stock fell about 40 % from its December high of $488 and continued to fall after hours on Wednesday
Tesla’s valuation fell below the $1 trillion mark on Tuesday, and its share price continued to fall Wednesday. While Donald Trump’s election had been followed by a surge in the stock market, signs of concern are now emerging.
Investors are now concerned Musk is spending too much time in Washington while Tesla sales plummet. Additionally, investors fear Musk’s right-wing politics may alienate a significant number of buyers.
Business insiders / Le Monde