NATIONAL NEWS – Tesla stock crashes as Elon Musk becomes unpopular with Americans and stockholders
Laila Kirkpatrick, Staff Writer
The post-election pop for Tesla has disappeared. Tesla Shares dropped more than 8% on Tuesday. This pushed the company’s market cap below $ 1 trillion and it is not at its lowest point since November 7th. This was only two days after Donald Trump was confirmed as the winner of the 2024 presidential election. The stock fell 25% to the start of the year while teh Nasdaq decreased only 1.5%. It also slid more than 35% from its record close on December 16th. Tesla CEO and conservative figurehead Elon Musk has lost over $100 billion of his net worth over that period. However, Musk has remained the richest person in the world and has a forecasted value of $380 billion.
A report from Reuters reported Monday that Tesla’s long-awaited upgrade to its partially automated driving systems left owners disappointed. Many Tesla owners said Tesla’s, “navigate on city streets feature in China fell short of Musk’s promises for self-driving technology. Other constructors of EVs in China including BYD said that the partially automated driving systems for free or at a much lower cost. The concern has to do with the company’s performance and some is specific to Musk who has spent the majority of his time in Washington D.C. leading the new DOGE department.
