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.
The leader of Yemen’s southern separatists failed to travel to Riyadh for crisis talks on Wednesday, leaving his fate unclear and complicating effor...
A U.S. immigration agent shot and killed a 37-year-old woman in her car in Minneapolis on Wednesday, local and federal officials said, amid an expande...
Ukrainian President Volodymyr Zelenskyy has called on the United States to target Ramzan Kadyrov, the leader of Russia’s Chechnya region, with an op...
U.S. President Donald Trump said he will stop defence contractors from paying dividends or buying back shares until weapons production speeds up, crit...
U.S. Secretary of State Marco Rubio said he will meet Danish leaders next week, signalling that Washington is not retreating from President Donald Tru...
The leader of Yemen’s southern separatists failed to travel to Riyadh for crisis talks on Wednesday, leaving his fate unclear and complicating efforts to contain a military escalation that has widened a rift between Saudi Arabia and the United Arab Emirates.
A U.S. immigration agent shot and killed a 37-year-old woman in her car in Minneapolis on Wednesday, local and federal officials said, amid an expanded immigration enforcement operation ordered by President Donald Trump.
Ukrainian President Volodymyr Zelenskyy has called on the United States to target Ramzan Kadyrov, the leader of Russia’s Chechnya region, with an operation similar to the recent U.S. action that captured Venezuelan President Nicolás Maduro.
U.S. President Donald Trump said he will stop defence contractors from paying dividends or buying back shares until weapons production speeds up, criticising the industry for delays and high costs.
Open-source intelligence (OSINT) sources reported a significant movement of U.S. military aircraft towards the Middle East in recent hours. Dozens of U.S. Air Force aerial refuelling tankers and heavy transport aircraft were observed heading eastwards, presumably to staging points in the region.
Diplomatic tensions between Tokyo and Beijing escalated as Japan slams China's export ban on dual-use goods. Markets have wobbled as fears grow over a potential rare earth embargo affecting global supply chains.
Iran’s chief justice has warned protesters there will be “no leniency for those who help the enemy against the Islamic Republic”, as rights groups reported a rising death toll during what observers describe as the country’s biggest wave of unrest in three years.
Two people have been killed after a private helicopter crashed at a recreation centre in Russia’s Perm region, Russian authorities and local media have said.
"Change is coming to Iran" according to U.S. Senator Lindsey Graham during an interview with Fox News on Tuesday (6 January). He warned Iran that "if you keep killing your people for wanting a better life, Donald Trump is going to kill you."
U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
The U.S. dollar's share of global reserves fell to nearly 40% at the end of 2025, according to the International Monetary Fund (IMF), which says it's 10% lower than at the start of 2024. However, gold has risen and overtaken the dollar to be above 50% in global reserves according to the IMF data.
The U.S. dollar has strengthened against major peers on Tuesday, while the euro fell following slower-than-expected inflation in Europe. Market movements were relatively subdued as investors focused on upcoming U.S. economic data.
Wall Street closed higher on Tuesday, boosted by optimism over artificial intelligence (AI) and a strong rally in Moderna shares, with the Dow Jones Industrial Average approaching a record high.
India’s largest oil refiner, Indian Oil Corporation (IOC), has taken a significant step towards diversifying its crude oil supply by purchasing Colombian crude, from state oil company Ecopetrol, for the first time.
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