Tesla shares plunge 15%, suffering steepest drop in five years
Tesla’s selloff on Wall Street intensified on Monday, with shares of the electric vehicle maker plunging 15%, their worst day on the market since September 2020.
On Friday, Tesla wrapped up a seventh straight week of losses, its longest losing streak since debuting on the Nasdaq in 2010. The stock has fallen every week since CEO Elon Musk went to Washington, D.C., to take on a major role in the second Trump White House.
Since peaking at $479.86 on Dec. 17, Tesla shares have lost over 50% of their value, wiping out over $800 billion in market cap. Monday marked the stock’s seventh worst day on record. [Continue reading…]
This weekend, protests escalated at Tesla showrooms across the nation. Hundreds of people gathered to boycott Elon Musk and his involvement in the Trump administration as the head of the Department of Government Efficiency (DOGE), which is overseeing a massively disruptive effort to fire thousands of federal workers to slash government spending.
Most of these protests are associated with the Tesla Takedown movement that first emerged in February. It encourages supporters to “sell your Teslas, dump your stock, join the picket lines” as part of efforts to “stop Musk.” But momentum has ramped up significantly in the past week, leading to bigger turnouts and some arrests. [Continue reading…]