Tesla Plummets 14% In Stock’s 11th-Worst Day Ever As Musk’s Feud With Trump Escalates
Topline
Shares of Tesla dropped by more than 14% on Thursday as the relationship between Elon Musk and President Donald Trump’s appeared to unravel, with Musk launching attacks at the president on X and Trump suggesting to reporters at the White House criticism of his signature bill from the world’s wealthiest person amounts to “Trump derangement syndrome.”
Musk has called to “kill” Trump’s policy bill,
Tesla stock sinks as Musk-Trump fight explodes
The spat may help Tesla brand – but what about Musk’s image?published at 22:21 British Summer Time
Lily Jamali
North America Technology Correspondent
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Read MoreLululemon stock plunges 20% as company's second quarter outlook misses Wall Street estimates
Lululemon stock (LULU) fell as much as 20% in after hours trade on Thursday after the company warned profits would take a hit amid what it called a “dynamic macro-environment.”
It now expects second quarter adjusted earnings per share to fall in a range of $2.85-$2.90, far lower than Wall Street’s estimates for EPS of $3.31.
Read MoreLive: ASX set to slip after Trump-Musk feud triggers sell-off on Wall Street
A very public spat between Donald Trump and Elon Musk has sent shockwaves through financial markets, overshadowing trade diplomacy and fuelling a late-session sell-off on Wall Street.
The tech-heavy Nasdaq bore the brunt of the decline, tumbling 0.83%, dragged down by a 14% plunge in Tesla shares after the former US President threatened to axe federal subsidies in retaliation for Musk’s criticism of his flagship tax and spending bill — the so-called “Big,
» Read more about: Live: ASX set to slip after Trump-Musk feud triggers sell-off on Wall Street »
Read MoreChina’s reliance on exports, falling domestic consumption hurting ‘entire world’: US Treasury
China’s economy, built on an unsustainable model of a growing trade surplus—now at a record high of nearly $1 trillion—and declining domestic consumption, is not only harming itself but also the “entire world”, a US Treasury report released Friday said. It suggested Beijing to boost household consumption and reduce the “negative spillovers” of its policies on trading partners.
The Burst
How To Trade The Crashing Markets
Lots of finger-pointing has taken place. Was it Buffett selling Apple? The jobs report? The unwind of the Japanese carry trade, which is essentially nothing more than borrowing at low rates in Japan and investing at higher yields in the US. Or was it the re-pricing from inflation concerns to recession worries?
Regardless,
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Read MoreThe Ivy
Does Buffett Think Markets Will Tumble Soon?
At 94 years old, Warren Buffett remains perhaps the most-watched investor in the world. Every decision the value investing legend makes is carefully studied, often to determine his thoughts about the broader market and stock valuations.
This year has seen Buffett appear to turn more bearish than in any past period, with Berkshire Hathaway selling a net amount of $127 billion of stock in just the first three quarters.
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Read MoreThe Spotlight
1 Growth Stock Down 30% You’ll Regret Not Buying The Dip
DigitalOcean is no ordinary cloud computing firm as you’ll see but it is down by 30% over the past 6 months, and yet appears to have significant upside potential from here.
If you’re not familiar with it, the company is like AWS or Google Cloud, but for small to medium-sized businesses (SMBs). Developers like it because of its…