Hyperdrive
Tesla’s Post-Election Surge Vanishes as Musk Focuses on DOGE
- Stock is on pace for record seventh straight week of losses
- Plunging sales, fading risk appetite, Musk’s DOGE antics weigh
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In the weeks after Donald Trump won the US presidential election, investors pumped more than $700 billion into Tesla Inc. shares, betting that Elon Musk’s relationship with the commander in chief and growing political prominence would pay off for the automaker. Barely four months later, that wager is shaping up to be one of the biggest duds of the equity market.
Tesla’s stock, initially one of the biggest winners after Election Day, is on pace for a record seventh straight week of losses, and on Friday briefly fell below where it closed on Nov. 5. The stock sank as much as 4.8% to $250.73 by 12:40 p.m. In New York.