Tesla shares fell 6.8% in premarket trading Monday, under pressure from investor concerns about the focus of boss Elon Musk after he announced he would form a new U.S. political party, marking a new escalation in his feud with President Donald Trump.
Overseas, Tesla stock fell over 3% in Frankfurt, pointing to another decline once premarket trading gets underway following the three-day weekend for Independence Day.
Veteran tech analyst Dan Ives of Wedbush said Musk was Tesla’s “biggest asset” and his decision to dive deeper into politics would likely put the company’s shares under pressure.
“Tesla needs Musk as CEO and its biggest asset and not heading down the political route yet again…while at the same time getting on Trump’s bad side,” Ives said in a note on Sunday.
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Author: Faith Novak
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