Tesla (TSLA) Falls 6.79% on Elon Musk Spat with Trump
Tesla, Inc. (NASDAQ:TSLA) tumbled by 6.79 percent on Monday to finish at $293.94 apiece and lost as much as $68 billion in market value amid concerns about Elon Musk's feud with President Donald Trump.
This followed Musk's announcement that he would launch a new political party called the 'America Party' and could focus on just two or three Senate seats and eight to 10 House districts, enough 'to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.'
Trump, on the other hand, called Musk's plans 'ridiculous,' saying that he was saddened 'to watch Elon Musk go completely off the rails, essentially becoming a TRAIN WRECK over the past five weeks.'
For investment firm Wedbush, Musk's planned political party is a move that would rattle investors.
'Very simply, Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the [Tesla, Inc. (NASDAQ:TSLA)]story,' it was quoted as saying in a report by Guardian.
While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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