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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Ukrainian Deputy Prime Minister Oleksiy Kuleba said Russian forces attacked two civilian search and rescue vessels operating in Ukrainian waters on Sa...
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The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
For decades, the factory taught the battlefield. Ukraine is now reversing the lesson.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
Ukrainian Deputy Prime Minister Oleksiy Kuleba said Russian forces attacked two civilian search and rescue vessels operating in Ukrainian waters on Saturday, leaving several people injured.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
Five Azerbaijani crew members were killed, and three others were injured after two cargo vessels were hit in a drone attack in the Sea of Azov, Azerbaijan's Foreign Ministry said on Friday, as Russia blamed Ukraine for the strike.
The new AnewZ documentary, TARGET: Yerevan, builds its explosive case on exclusive, secret recordings originally published by Minval Politika.
The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
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