Tesla shares fell more than 3% on Monday, July 7, as investors reacted to Elon Musk’s political ambition. Recall that the X owner recently announced his plans to set up a new U.S. political party, and the world has been reacting.
Raising new questions about Musk’s focus on the electric vehicle company amid escalating political involvement, the announcement rattled markets and cast uncertainty over Tesla’s leadership stability.
According to Reuters, Tesla stock dropped over 3% in Frankfurt trading, suggesting more losses could follow when U.S. markets reopen after the Independence Day holiday weekend.
Veteran technology analyst Dan Ives added that Elon’s decision to immerse himself more deeply in American politics could put additional pressure on Tesla’s shares.
His words, “Tesla needs Musk as CEO and its biggest asset and not heading down the political route yet again… while at the same time getting on Trump’s bad side.”
WOW.
Elon Musk FRS is a business magnate, industrial designer and engineer. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.
He was elected a Fellow of the Royal Society (FRS) in 2018. Also that year, he was ranked 25th on the Forbes list of The World’s Most Powerful People, and was ranked joint-first on the Forbes list of the Most Innovative Leaders of 2019. A centi-billionaire, Musk became the richest person in the world in January 2021.
Elon Reeve Musk was born on June 28, 1971, in Pretoria, Transvaal, South Africa. His mother is Maye Musk (née Haldeman), a model and dietitian born in Saskatchewan, Canada, but raised in South Africa.
His father is Errol Musk, a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
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