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.
Uzbekistan and Jordan have signed agreements to cooperate in exploring uranium, copper, rare metals, and other critical mineral deposits....
A U.S. citizen has been released from Kabul after a senior U.S. delegation led by Adam Boehler, the Special Presidential Envoy for Hostage Affairs, me...
The Warsaw Security Forum is kicking off in Poland on Monday, bringing together defence ministers, security experts, and international policymakers to...
Former Russian President Dmitry Medvedev warned on Monday that Europe cannot afford a war with Russia, but if its leaders were to trigger one, it coul...
Sweden will support Denmark with military anti-drone capabilities in connection with summits in Copenhagen this week, after drone sightings last week ...
Uzbekistan and Jordan have signed agreements to cooperate in exploring uranium, copper, rare metals, and other critical mineral deposits.
A U.S. citizen has been released from Kabul after a senior U.S. delegation led by Adam Boehler, the Special Presidential Envoy for Hostage Affairs, met with Afghan Foreign Minister Amir Khan Muttaqi in Kabul.
Former Russian President Dmitry Medvedev warned on Monday that Europe cannot afford a war with Russia, but if its leaders were to trigger one, it could spiral into a conflict involving weapons of mass destruction.
Sweden will support Denmark with military anti-drone capabilities in connection with summits in Copenhagen this week, after drone sightings last week forced Denmark to shut several airports, Swedish Prime Minister Ulf Kristersson said on Monday.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Chinese electric vehicle manufacturer BYD Co expects exports to account for around 20% of its global sales this year, supported by the launch of new models, the South China Morning Post reported on Monday.
Italy’s ruling League party has said domestic banks should contribute around €5 billion ($5.85 billion) towards the 2026 budget.
U.S. stock markets ended higher on Friday, following largely in-line inflation figures, although indices recorded losses over the week.
Inflation expectations for the next 12 months in the eurozone rose to 2.8% in August, up from 2.6% in July, according to the results of a consumer survey published by the European Central Bank (ECB) on Friday.
Miniso announced on Friday that it will spin off its brand Top Toy and list it in Hong Kong, capitalising on the growing investor interest in Chinese toymakers and highlighting the city’s renewed position as a global fundraising hub.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment