Donald Trump plans to buy a brand new Tesla to support Elon Musk. He made this announcement right after Tesla stock dropped badly. The former president posted his message just past midnight from Washington. He called Musk a truly great American and questioned why anyone should face punishment for helping make America great again. Trump never mentioned which Tesla model he wanted.
Musk spent millions to help Trump win the election and currently leads efforts to shrink the federal government. His simple response to Trump was thank you. Tesla shares fell 15 percent on Monday because analysts lowered their delivery expectations. According to the Bloomberg Billionaires Index, Musk has lost more than $130 billion of his wealth since January. The company faces major challenges that hurt its performance.
The car company struggles with changing its most important model design. Negative reactions toward Musk damage Tesla sales across big electric vehicle markets worldwide. German registrations crashed 70 percent during January and February after Musk supported the far-right Alternative for Germany party before their February 23 election. These political positions created serious business problems.
Chinese sales look equally bad for Tesla. Despite China being the largest electric vehicle market globally, Tesla cannot keep pace with local competitor BYD Co. The Shanghai factory shipped just 30,688 vehicles during February—its lowest monthly total since July 2022. Monday marked the worst single-day stock decline for Tesla since September 2020. The stock has dropped 45 percent this year and erased all gains it made after Trump won the November presidential election.
Musk spent millions to help Trump win the election and currently leads efforts to shrink the federal government. His simple response to Trump was thank you. Tesla shares fell 15 percent on Monday because analysts lowered their delivery expectations. According to the Bloomberg Billionaires Index, Musk has lost more than $130 billion of his wealth since January. The company faces major challenges that hurt its performance.
The car company struggles with changing its most important model design. Negative reactions toward Musk damage Tesla sales across big electric vehicle markets worldwide. German registrations crashed 70 percent during January and February after Musk supported the far-right Alternative for Germany party before their February 23 election. These political positions created serious business problems.
Chinese sales look equally bad for Tesla. Despite China being the largest electric vehicle market globally, Tesla cannot keep pace with local competitor BYD Co. The Shanghai factory shipped just 30,688 vehicles during February—its lowest monthly total since July 2022. Monday marked the worst single-day stock decline for Tesla since September 2020. The stock has dropped 45 percent this year and erased all gains it made after Trump won the November presidential election.
