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.

  • ChicoSuave@lemmy.world
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    3 days ago

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

    • eldavi@lemmy.ml
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      3 days ago

      wouldn’t it be more of the same since the new party would siphon off democratic voters for the benefit of the american oligarchy?