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

submitted 2 days ago* (last edited 2 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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[–] Archangel1313@lemmy.ca 4 points 1 day 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 20 hours ago* (last edited 20 hours 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 19 hours 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 19 hours ago

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