Musk, Trump and Tesla
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President Donald Trump’s re-election in November raised expectations that his agenda would bolster America’s beleaguered industrial core and help small businesses prosper. So far, so-called Bro Billionaire stocks have trounced shares of small companies,
Tesla stock is a favorite among retail traders, and a drop set off by the Trump-Musk feud could be a catalyst for a market pullback, Marko Kolanovic said.
Shares of Elon Musk’s electric vehicle maker are falling sharply Thursday as investors fear his dispute with Donald Trump could end up hurting the company.
Tesla’s stock is driven by sentiment, which has soured greatly. Plus, Musk has now alienated Republicans and Democrats alike.
Tesla shares climbed more than 3% in U.S. premarket trading Friday, recovering slightly after a 14% plunge a day earlier. The electric vehicle maker lost $152 billion in market capitalization Thursday as traders reacted to a public feud between CEO Elon Musk and President Donald Trump.
Asian equities were positive overnight, led by Hong Kong and South Korea, while Japan underperformed, as Trump and Xi are said to have held a phone call.
Shares of Rocket Lab and Intuitive Machines are getting a lift Friday as the outlook for Elon Musk’s SpaceX comes into question.
Trump added that he has "no intention of speaking" to Musk anytime soon, saying "I’m too busy doing other things.”