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The Guardian - UK
The Guardian - UK
Technology
Dan Milmo and Graeme Wearden

Tesla shares dive as investors fear new Elon Musk political party will damage brand

Elon Musk Tesla Inc. Donald Trump United States Dan Ives
Trump greets Musk on stage at a rally
In happier times … Elon Musk and Donald Trump are now at loggerheads, to put it mildly. Photograph: Will Oliver/EPA

Shares in Tesla fell 6.8% by the close of US trading on Monday, wiping $79bn (£60bn) off the company’s value, amid investor concern that Elon Musk’s launch of a new political party will present further problems for the electric car maker.

Tesla’s market capitalisation fell from just over $1tn to about $921bn after stock markets closed on Wall Street, with the value of Musk’s stake in the company reduced by nearly $15bn, lowering it to below $120bn.

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