TESLA STOCK DROPS 3% FOLLOWING MUSK’S DECLARATION OF POLITICAL AMBITION
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By: Muftau Fatimo
Musk’s conflict with President Donald Trump has escalated further since his announcement.
According to Reuters, Tesla’s stock dropped more than 3% in Frankfurt, indicating that it will continue to drop once premarket trading resumes after the three-day Independence Day weekend.
Wedbush veteran tech analyst Dan Ives told Reuters that Musk was Tesla’s “greatest asset” and that the company’s stock would probably suffer if he decided to get more involved in politics.
Ives wrote in a letter on Sunday that Tesla needs Musk as its CEO and its greatest asset and that the company should avoid going down the political path once more while also alienating Trump.
Given the political nature of this endeavor, we would not be surprised if the Tesla board became involved at some point, depending on how far Musk takes it.
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