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Tesla stock dropped another 6.9% on Monday, wiping out over $68 billion from its market cap, as Elon Musk’s political ambitions dragged investor confidence through the dirt. The latest blow came just two days after Elon announced plans to create a new political party, a decision that’s now rattling Wall Street and hammering Tesla’s valuation again for a second consecutive session. Elon said Saturday the party’s goal would be to flip “2 or 3 Senate seats and 8 to 10 House districts,” claiming that would give him enough leverage to decide which laws pass. “Enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” Elon wrote. Traders didn’t seem to share his optimism. Shares of Tesla plunged immediately after markets opened Monday, dragging the Nasdaq deeper into red as investors digested the consequences of their CEO turning into a full-time political actor. Elon Musk stands by his decision as Tesla sinks Elon’s renewed focus on politics comes as US equities take broader hits. The Dow Jones Industrial Average tumbled 400 points Monday, or 0.9%, while the S&P 500 lost 0.8% and the Nasdaq Composite shed 0.9%. The entire stock market took a hit after Trump announced new tariffs that will go into effect August 1. The penalties target 14 countries, Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand, and Tunisia, across a wide range of imports. Trump’s administration said the new tariffs would be just the first batch. White House press secretary Karoline Leavitt confirmed Monday that more announcements are coming this week. She added that Trump will sign an executive order extending the tariff implementation deadline to August 1, replacing his original, earlier date. Dow futures dropped 87 points, while S&P…

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Filed under: News - @ July 7, 2025 11:28 pm