Tesla share price erodes investor wealth worth $68 billion as Elon Musk launches his own ‘American Party'
The move, announced over the weekend, reignited a public feud between Musk and former ally President Donald Trump, escalating investor concerns about the company's future direction.
The steep drop marks one of the worst single-day performances for Tesla this year and comes amid growing concerns that Musk's political ambitions could further distract from his role as chief executive of the electric vehicle giant.
Tesla's stock slide wiped out $15.3 billion from Musk's net worth, according to the Bloomberg Billionaires Index. The fall marked the largest since Musk's earlier clash with Trump in June, when their spat over a Republican tax bill erased $150 billion from Tesla's market value in a single day.
Trump lashed out at Musk's political ambitions, calling the idea of the 'America Party' 'ridiculous.' He also threatened to cut off federal subsidies to Musk's companies, deepening fears among investors.
The market turmoil wasn't limited to Tesla. Wall Street saw widespread losses as the White House issued tariff notices to key allies, including Japan and South Korea, threatening import duties of up to 40% starting August 1. The S&P 500 dropped 0.8% — its biggest loss since mid-June — while the Dow fell 422 points (0.9%) and the Nasdaq slid 0.9%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Trump spares India tariff threat missive as he unloads on allies Japan and South Korea
Donald Trump TOI correspondent from Washington: US President Donald Trump on Monday said Washington is close to clinching a trade deal with India even as he lowered the boom on more than a dozen countries including close allies, while sparing New Delhi. Trump sounded optimistic about an agreement with New Delhi, telling reporters, "We are close to making a deal with India," while repeating his incessant claim that he had stopped an all-out war between India and Pakistan by threatening to cut off access to US markets. Neither country has attributed their truce to tariff threats, but the US President obsessively cites that to illustrate the use of trade as an instrument of American power. On Monday, Trump, by most accounts, brought a wrecking ball to global trade with a tirade against much of the world, which in his view has been ripping of the USA. Fourteen countries, rich and poor, big and small, allies and adversaries, were slammed with tariff warnings ranging from 40 percent to 25 percent unless they negotiated bilateral deals before August 1. India faces the same deadline without the almost identical sloppily-written letters Trump sent to 14 countries, although that could change any time given the US President's mercurial approach to strategic ties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo New Delhi has bought time mainly on account of protracted trade talks that have been going on for several months and are said to be in an advanced state. India has pledged to buy loads of American arms, energy, and other produce to whittle down the $ 45 billion trade deficit while at the same time seeking to protect its fragile agriculture sector that provides a livelihood to more than half its population. While the negotiating window is now narrow, there is no sign that India will throw in the towel, even as Trump prepares to throw the kitchen sink, as he did on Monday with long time allies Japan and South Korea, both slammed with around 25 per cent tariffs. In letters riddled with random capitalisation and poor grammar and syntax, Trump told the prime minister of Japan, a US treaty ally, that the trade surplus Tokyo has run up against Washington constituted a "major threat" to US national security. Identical letters citing threat to US national security was sent to leaders of Bosnia & Herzogovina (whose female President Zeljka Cvijanović was addressed as Mr President), Cambodia and Bangladesh, which have small trade surpluses with Washington with exports in the paltry billions. Trump and his team also dialled down expectations of "90 deals in 90 days" that they had talked up at the start of the tariff war the US President initiated. Having negotiated only a framework for three sketchy agreements, Trump indicated most other countries would simply get a letter intimating them of tariff increases if they don't conclude an agreement by August 1. "It's all done," he maintained, even as aides acknowledged that instead of the White House phones "ringing off the hook" as they anticipated, many countries had not even contacted them.
New Indian Express
25 minutes ago
- New Indian Express
'Over the top sickening': Trump faces MAGA meltdown over Epstein 'list' reversal
WASHINGTON: Donald Trump's MAGA base is up in arms after his administration effectively shut down conspiracy theories related to notorious sex offender Jeffrey Epstein that had become an obsession for the US president's diehard supporters. Trump's Justice Department and the FBI said in memo made public Sunday there is no evidence that the disgraced financier kept a "client list" or was blackmailing powerful figures. They also dismissed the claim that Epstein was murdered in jail, confirming his death by suicide, and said they would not be releasing any more information on the probe. It marked the first time Trump's officials had publicly scotched the stories -- pushed by numerous right-wing figures, notably including the FBI's top two officials, before Trump hired them. The backlash was swift and brutal from his "Make America Great Again" movement -- who have long held as an article of faith that "Deep State" elites were protecting Epstein's most powerful associates in the Democratic Party and Hollywood. "Next the DOJ will say 'Actually, Jeffrey Epstein never even existed,'" furious pro-Trump conspiracy theorist Alex Jones tweeted. "This is over the top sickening." Trump has managed to avoid much of the direct blame over the fiasco, with ire instead being directed at FBI director Kash Patel, his deputy Dan Bongino and Attorney General Pam Bondi. Bongino and Patel spent years pushing conspiracy theories around the so-called "Epstein list."
NDTV
34 minutes ago
- NDTV
"There Will Be No Change": Trump Rules Out Extension To August 1 Tariff Deadline
President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date. While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized to dozens of economies were unveiled, then halted until July 9. But the president this week again delayed their reimposition, pushing it back to August 1. Trump insisted that there would be no further delay in the tariffs. "There will be no change," he posted on Truth Social. He added that levies would start being paid on August 1, in line with letters now being sent out to trading partners. "No extensions will be granted," Trump said. On Monday night, Trump had told reporters at a dinner that the August 1 deadline was "firm, but not 100 percent firm." Pressed on whether the letters were his final offer, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it." In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea. Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul. Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 percent to 40 percent. In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies. Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising a flurry of deals following the US president's tariff threats. So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China. In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties. He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels. But he added that if countries were willing to adjust their trade policies, Washington "will, perhaps, consider an adjustment to this letter." He said in the letters that tariffs could be modified "upward or downward, depending on our relationship with your Country."
