Tesla shares fell sharply after Elon Musk announced a new political party, intensifying his feud with Donald Trump over a controversial spending bill passed by Congress.
Tesla’s stock dropped significantly on Monday following CEO Elon Musk’s announcement that he will form a new political party, further escalating his ongoing dispute with former President Donald Trump.
As of 1500 GMT, Tesla shares were down about 7.3%, trading at $292.22, pushing the electric vehicle maker’s market capitalisation to $921.7 billion. The decline continues a downward trend, with the company’s stock falling nearly 20% over the past month.
The political turmoil stems from what Musk calls the “Big Beautiful bill,” a sweeping Republican-backed spending measure recently passed by Congress. Musk has been a vocal critic of the bill, particularly provisions he claims harm the EV industry. He previously pledged to launch a political movement if the legislation was approved.
On Saturday, Musk formally unveiled the “America Party,” which he says will target “just 2 or 3 Senate seats and 8 to 10 House districts” in upcoming elections.
In response, Trump dismissed the move as “ridiculous” and warned that Musk could face deportation. "We’ll have to take a look,” Trump said when asked about the possibility of deporting Musk, who was born in South Africa.
The relationship between Musk and Trump—once friendly and cooperative—has deteriorated since late May, with public clashes and personal attacks marking the latest phase of their feud.
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Prospects for new peace talks between Iran and the U.S. are “dim,” with both sides operating on false assumptions, a political analyst told AnewZ.
A Canadian woman has been shot dead and 13 others injured in a shooting at the Teotihuacan pyramids on Monday, one of Mexico’s most visited tourist attractions.
Japan on Tuesday unveiled its biggest overhaul of defence export rules in decades, scrapping restrictions on overseas arms sales and opening the way for exports of warships, missiles and other weapons.
Iran accuses the United States of breaching a ceasefire after a commercial ship was seized in the Gulf of Oman, vowing retaliation, as Israel warns south Lebanon residents to avoid restricted areas.
Progessive Bulgaria, led by pro-Russian Eurosceptic Rumen Radev is on track to form Bulgaria’s next government, after official results showed a runaway victory for the coalition in the Balkan nation's parliamentary elections on Monday (20 April).
A powerful 7.5 magnitude earthquake has struck off Japan’s north-eastern coast, triggering urgent tsunami warnings with waves of up to 3 metres expected, prompting residents to seek immediate safety.
Blue Origin, the U.S. space company of billionaire Amazon founder Jeff Bezos, successfully reused and recovered a booster for its New Glenn rocket launched from Florida on Sunday (19 April), in the latest chapter of its intensifying rivalry with Elon Musk’s SpaceX.
Pakistan is confident it can bring Iran to talks with the United States, a senior official said, citing “positive signals” from Tehran, as JD Vance is reportedly set to visit Islamabad on Tuesday for peace talks, according to Axios.
China's domestic automakers have a message for the boardrooms of premium German brands such as Porsche, Mercedes-Benz, and BMW: We are coming for your customers, and we are armed with superior technology at a fraction of the cost.
Tim Cook, the tech boss who led Apple to become a $4 trillion company in its post-Steve Jobs era, is stepping down after 15 years in the top job. John Ternus, an Apple veteran of 25 years, who is currently the U.S. company’s Vice President of Hardware Engineering, will take over from September.
Netflix shares fell sharply on Friday after the streaming group issued a weaker-than-expected outlook and said chairman and co-founder Reed Hastings will step down from the board.
The Middle East crisis is reshaping transport choices worldwide, turning electric vehicles from a long-term climate goal into an immediate economic calculation.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
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