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Tesla loses $68 billion in value after Elon Musk says he is launching a political party (www.cnbc.com)

submitted 1 day ago* (last edited 1 day ago) by babysandpiper@sopuli.xyz to c/economics@lemmy.world

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KEY POINTS

Elon Musk said he would form a new political party called the “America Party.”

Tesla shares fell Monday after Musk’s announcement.

Tesla shareholders have wanted Musk to stay away from politics, especially after his stint at the so-called Department of Government Efficiency, which many have said damaged the automaker’s brand.

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[–] brucethemoose@lemmy.world 17 points 1 day ago* (last edited 1 day ago) (1 children)

It coincides with a bunch of other stuff, like hints at Tesla regulation, tariffs, and regular wild swings just from being Tesla.

Tesla is up 16% over 1 year, 185.44% over 5 years, beating the S&P 500. Not that I would ever hold Tesla, but still, it's not like Musk's wealth has evaporated.

CNBC is basically the Fox News of finance world. Big, sensationalist and basically catering to day trader hype (not the longer term buy-and-hold crowd. You know, what the stock market is supposed to be). So maybe there's some cause and affect here, but I don't trust them on headlines like this.

[–] NotMyOldRedditName@lemmy.world 1 points 1 day ago* (last edited 1 day ago)

CNBC loves to hate on anything Musk.

They're the ones who wrote a story about SpaceX polluting the area with high levels of mercury because of a conversion error / typo on the report.

I'm too lazy to look up exact figures, but it basically went like this in the report. (Smaller is better)

In 1 spot it said

Mercury test 1: 0.01

Mercury Test 2: 100

Then in another spot talking about the same values it said

Mercury Test 1: 0.01

Mercury Test 2: 0.01

I don't think they ever retracted it, but the headlines were all SpaceX polluting massively over allowed thresholds kinda thing.

The reporting was either so sloppy they didn't read the whole report or cross reference anything and just ran with it, or they knew and said fuck it we can get the clicks and it's technically in the report.