In an otherwise largely flat morning for the broader market,
#Tesla stock fell 7%, or about $24 per share, in response to Elon Musk’s unveiling of his “America Party” and the subsequent sparring between Musk and President Donald
#Trump, who Musk donated $288 million to help elect last year.
“Investors are growing tired of the distraction” from
#Musk, William Blair analyst Jed Dorsheimer wrote in a Monday note to clients downgrading his rating for Tesla stock from a buy to a hold on the less favorably federal regulatory credit environment for electric vehicles in Trump’s
#megabill signed last week.
Musk’s net worth tumbled $14 billion Monday to $391 billion, which is still the largest fortune in the world by a more than $100 billion margin, according to Forbes’ latest estimates.
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