Tesla shares have plunged over 15%, marking the company’s worst trading day in more than four years.
Biggest drop since 2020
On Monday, Tesla’s stock price fell by 15.4%, its steepest single-day decline since September 2020.
This continues a brutal downward trend for the electric car giant. Since Donald Trump’s inauguration — and Elon Musk’s rise as Trump’s right-hand man — Tesla’s stock has nosedived by over 50%.
After hitting an all-time high of $479.86 in December, Tesla’s shares closed at $222.15 on Monday. That’s a staggering $800 billion wiped off the company’s value.
Trump jumps to Musk’s defence
The disastrous trading day didn’t go unnoticed. Trump took to Truth Social to defend his ally, praising Musk for “putting it on the line” to help America.
“He’s doing a fantastic job,” Trump claimed, before blaming the “radical left lunatics” for trying to “illegally and collusively boycott Tesla” to harm Musk.
That’s capitalism for you!
Musk shrugs it off
Meanwhile, Musk tried to play it cool. Writing on X, he said Tesla would be “fine long-term.”
That was it. No further explanation.
The bigger picture
Since Trump’s inauguration, Musk has led the Department for Government Efficiency, axing thousands of government jobs and entire departments.
However, some reckon Tesla’s troubles have more to do with Musk’s recent behaviour. Nazi salutes, backing far-right European parties, and spreading misinformation might be scaring off customers and investors alike.
Tesla’s stock may recover, but Musk’s reputation? That’s another story.
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