There’s a “black cloud over Tesla’s stock,” remarked one analyst as Musk’s primary company suffered its worst loss since 2020, while Musk’s X attack on Sen. Mark Kelly and a halting appearance on Fox Business did him no favors.
“Markets are going to go up and they’re going to go down but, you know what, we have to rebuild our country," Trump said Tuesday, addressing the recent stock market woes.
The latest Tesla stock dive came as tech stocks broadly sold off and UBS analysts called for another year of declining deliveries of Tesla’s electric vehicles.
Goldman Sachs raised its probability of the U.S. tipping into a recession over the next year on Friday, citing Trump’s economic policies as the “key risk.”
Trump’s plans for a crypto reserve including bitcoin and XRP drew skepticism from the likes of Coinbase’s billionaire CEO Brian Armstrong and Palantir cofounder Joe Lonsdale, as a crypto rally began fizzling on Monday.
The Nasdaq fell 2.6% Monday after Trump vowed to implement the Canada and Mexico tariffs, as the tech index is down 8.5% from its all-time high set less than two weeks ago.
“Trump cares about the stock market” but “if the market doesn't see Trump moving towards more market-friendly policies, the level of trust could continue eroding,” according to Bank of America.