Hyperdrive
Even Musk Fans Dash for the Sidelines With Tesla in Freefall
- Stock is top decliner in S&P 500, down over 50% from peak
- ‘Trading on feelings,’ ‘no floor in stock,’ investors say
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Elon Musk’s fans are known for their commitment to Tesla Inc., but in the current rout of the stock even long-term believers are backing away.
The retreat from Musk’s electric vehicle company, which has been the biggest decliner in the S&P 500 Index this year, has been so extreme that on Monday night President Donald Trump intervened, saying he would buy a new Tesla to support Musk.