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Tesla shares dive as investors fear new Elon Musk political party will damage brand (www.theguardian.com)

submitted 5 days ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 1 points 5 days ago (1 children)

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

[–] [email protected] 1 points 5 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?