The decline reached 7.6% at its minimum. According to Reuters, the company’s quotes are falling as investors fear an escalation of hostility between the company’s CEO and US President Donald Trump. On July 4, Donald Trump signed the “Big Beautiful Bill” (BBB), which provides for tax breaks and additional funds to combat illegal migration. Because of this document, Trump quarreled with American entrepreneur Elon Musk, one of the main sponsors of his election campaign, at the beginning of the summer. The next day, July 5, Musk announced on the X social network that he had created a new political party called “America”. The businessman cited the results of a poll he launched on his page on US Independence Day, July 4. In it, 65.4% of voters voted for the creation of a party, while 34.6% were against. According to Musk, Trump’s tax bill will bankrupt America.
According to Reuters, the first signs of investor discontent with Musk’s statement appeared later that day. Azoria CEO James Fishback asked Tesla’s board of directors to clarify Elon Musk’s political ambitions and said that the creation of a new party undermines shareholders’ confidence that Musk will pay more attention to the company after leaving government service in May.
Technical analyst Dan Ives of Wedbush said that Musk was Tesla’s “biggest asset” and his decision to delve deeper into politics will put pressure on the company’s shares.
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