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Tesla loses $68 billion in value after Elon Musk says he is launching a political party (www.cnbc.com)

submitted 1 year ago* (last edited 1 year ago) by babysandpiper@sopuli.xyz to c/economics@lemmy.world

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KEY POINTS

Elon Musk said he would form a new political party called the “America Party.”

Tesla shares fell Monday after Musk’s announcement.

Tesla shareholders have wanted Musk to stay away from politics, especially after his stint at the so-called Department of Government Efficiency, which many have said damaged the automaker’s brand.

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[-] Archangel1313@lemmy.ca 4 points 1 year ago

And yet, he's costing the rich a ton of money by tanking the value of his stock. That should take precedence over whatever "the board" decided to give him. The investors are the priority in a capitalist system...not the board. The board's job is to maximize investor returns. That's all.

this post was submitted on 07 Jul 2025

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