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Benzinga
Benzinga
Business

Tesla Tanks $68 Billion As Elon Musk Unveils 'America Party'—Investors Rattle Over Political Pivot, Trump Backlash Adds Fuel

Elon Musk Tesla Inc. Donald Trump electric vehicle
Tesla Inc.

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk‘s announcement of a new political party has had a significant impact on the electric vehicle maker. The company’s stock plummeted by 6.79% on Monday, resulting in a loss of over $68 billion in market capitalization.

What Happened: The stock drop came after Musk announced plans to launch a new political party, raising investor concerns about possible effects on Tesla’s brand and business, according to market data.

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