Tesla Stock Drops as Elon Musk Announces New Political Party

» Published: July 07 2025 at 10:30

Tesla Stock Drops as Elon Musk Announces New Political Party
Photo: AP/TT

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The stock in the American electric car manufacturer Tesla is plummeting with almost 8 percent in futures trading ahead of the week's stock market start on Wall Street.

The decline comes after the founder, CEO and major owner Elon Musk said that he will start a new party in the USA, to challenge the two-party system.

The Tesla stock has since the turn of the year already lost more than a fifth of its value. The decline is explained, among other things, by the fact that Elon Musk first allied himself with the US President Donald Trump, to then in May have ended up on a collision course with the Trump administration – not least when it comes to abolished support for the electric car sector in the USA and the budget that Congress recently approved with the smallest possible margin.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers
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