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

submitted 5 days ago* (last edited 5 days 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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[–] neukenindekeuken@sh.itjust.works 2 points 5 days ago (1 children)

Won't happen. His board are all sycophants.

[–] Archangel1313@lemmy.ca 5 points 5 days ago (1 children)

Then Tesla's investors should organize a class action suit against the board, for acting against their best interests.

[–] MotoAsh@lemmy.world 4 points 5 days ago* (last edited 5 days ago) (1 children)

Nope, they already approved a massive payday to Musk specifically. Please explain to me how rewarding ANYONE millions or billions of dollars is EVER a financially smart move. Yet they didn't get in trouble for it.

What you need to learn is that this country is ALREADY bought and paid for by the rich.

[–] Archangel1313@lemmy.ca 4 points 5 days ago (1 children)

And yet, he's costing the rich a ton of money by tanking the value of his stock. That should take precedence over whatever "the board" decided to give him. The investors are the priority in a capitalist system...not the board. The board's job is to maximize investor returns. That's all.

[–] MotoAsh@lemmy.world 1 points 4 days ago* (last edited 4 days ago) (1 children)

I agree that should be the case, but the US "justice" system and rich fucking morons in general have made it VERY clear they're not interested in making logical decisions.

Otherwise all those fucking idiots and elon himself should be hanging from the nearest tree for being the brainless cultists they are.

[–] Archangel1313@lemmy.ca 0 points 4 days ago (1 children)

So you think rich people don't care about losing money? I'm not sure you understand what I'm talking about.

[–] MotoAsh@lemmy.world 0 points 4 days ago

Yes, I'm telling you he demonstrably is getting away with it.