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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The Pentagon has threatened to designate artificial intelligence firm Anthropic as a “supply chain risk” amid a dispute over the military use of its Claude AI model, according to a report published Monday.
Representatives of Ukraine, Russia and the United States are set to meet in Geneva for a third round of trilateral negotiations aimed at ending the nearly four-year war, even as both sides intensify military pressure on the ground.
Israeli airstrikes on southern Lebanon killed two people in 12 hours, Lebanon’s Health Ministry said on Tuesday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 17th of February, covering the latest developments you need to know.
Iran’s Supreme National Security Council Secretary Ali Larijani said the United States could evaluate its own interests separately from those of Israel in ongoing negotiations between Tehran and Washington.
U.S. Secretary of State Marco Rubio on Sunday (15 February) called it “troubling” a report by five European allies blaming Russia for killing late Kremlin critic Alexei Navalny using a toxin from poison dart frogs.
Cuba’s fuel crisis has turned into a waste crisis, with rubbish piling up on most street corners in Havana as many collection trucks lack enough petrol to operate.
Norway is holding a commanding lead in the medal standings with 12 golds and a total of 26, with Italy having an historic performance on home soil on the ninth day of the Milano-Cortina Winter Olympics on Sunday (15 February).
Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, an Iranian diplomat was reported as saying on Sunday (15 February), days before a second round of talks between Tehran and Washington.
Millions of Colombian roses have arrived in the United States just in time for Valentine’s Day, keeping the country on track as the world’s second-largest flower exporter. Between 15 January and 9 February, Colombia shipped roughly 65,000 tons of fresh-cut blooms.
Russia’s car market is continuing to receive tens of thousands of foreign-brand vehicles via China despite sanctions imposed after Moscow’s full-scale invasion of Ukraine in 2022, a journalistic investigation has found.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
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