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Wall Street punishes Musk: Tesla plummets after America Party announcement
Elon Musk’s new political project causes Tesla shares to fall 7.7%, dropping below $1 trillion in market capitalisation. Trump mocks the initiative: “Ridiculous idea”
Elon Musk’s announcement of the launch of a third political party in the United States, the America Party, is shaking the markets. At the opening of Wall Street, Tesla shares fell 7.76% to $290.89 per share, causing the car manufacturer to lose the symbolic threshold of $1 trillion in market capitalisation.
‘Musk’s growing political involvement is exactly what Tesla shareholders don’t want,’ commented Wedbush analyst Daniel Ives. According to the company’s report, Musk’s political interference is fuelling uncertainty among investors.
The South African-born, naturalised US entrepreneur strongly opposed President Donald Trump’s budget bill, deeming it unsustainable for public finances. After threatening to launch a party if the bill was passed, Musk took the plunge on 4 July, posting a poll on X proposing the creation of the “America First Party”. Sixty-five per cent of the more than 1.2 million voters responded favourably.
Once close to Trump – to the point of generously financing his 2024 presidential campaign – Musk was also tasked with cutting public spending as head of the Doge Department, a structure created ad hoc by the Republican administration. But after he left the post and the government team, the initial relief of shareholders was short-lived.
According to Daniel Ives, ‘the situation has worsened’ with the announcement of the new party. President Trump ridiculed the initiative, calling it a ‘ridiculous idea.’ Meanwhile, Tesla’s stock has lost nearly 40% from its December highs, a sign of growing discontent among investors.
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(Photo: © AndKronos)
