The most wealthy man in the world became much less rich this Thursday when he exchanged strong criticism with President Donald Trump, precipitating a drop in the price of Tesla’s shares.
Key data
Elon Musk’s net assets fell below 400,000 million dollars, decreasing by $ 26.7 billion to 388,000 million dollars, forbes.
The fall occurred when Tesla’s actions collapsed as the dispute with the president increased.
Tesla shares fell 14%, or $ 47 per share, at $ 285 on the other hand for the market.
Lee: Elon Musk says Trump appears in Jeffrey Epstein’s archives
Most of the losses occurred after Musk and Trump launched mutually insults, including the businessman’s statement that the Republican would not have achieved a second mandate without his support and the president’s accusation of having the “Trump disorder syndrome.”
Tesla’s actions fell to their lowest level in four weeks, quoting more than 40% below their historical maximum established in December, since investors flooded the titles with bets that Musk’s support for Trump could boost the company highly regulated in its autonomous driving initiatives.
Cita Crucial
“Investors fear that this battle between Musk and Trump … Change the regulatory environment for Tesla on the Autonomous Front over the next few years under the Trump administration,” said Wedbush analyst Dan Iives, in a note to his clients.
Tesla’s actions suffer from one of the worst losses in history.
This Thursday was the worst day of Tesla on Wall Street since March, which places it among the 11 greatest daily losses of the company since it was heard in 2010.
Tangent
Musk lost the equivalent of five times the net worth of 5,500 million dollars from Trump.
Lee: Trump threatens to cut public contracts with Musk companies after dispute
Surprising data
The more than 150,000 million dollars in market capitalization that Tesla lost this Thursday are more than the total valuations of Ford, General Motors and Rivian, the following three most valuable American car manufacturers that are quoted in the stock market, combined.
Large number
33%. That is the decrease in the price of Tesla’s shares since Trump’s investiture in January, where Musk made a controversial appearance. The S&P 500 reference index has dropped less than 1% during that period.
This article was originally published by Forbes US
Do you like to inform yourself for Google News? Follow our showcase to have the best stories
