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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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[–] Swedneck@discuss.tchncs.de 14 points 1 day ago (1 children)

i truly do not understand how shareholders think, why the fuck would you keep tesla stocks at this point? sell them and invest in that chinese electric moped company for fuck's sake, infinitely more reliable

[–] Azhad@lemmy.world 4 points 23 hours ago* (last edited 23 hours ago)

It's very simple: his votes, plus his family votes and the fact that shares held in index and funds vote always like the boards direct and they have the vast majority and every "voting" is just a farce.