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Tesla shares sink 8%, giving up some gains from post-election pop
Tesla shares dropped more than 8% on Wednesday, their biggest decline since before Trump's election victory, which has been a big spark for the stock.
"Most investors we speak to have been stunned by the magnitude of the rally, and are increasingly confused on how to handle the stock given how widely disconnected it appears to be from fundamentals," analysts at Barclays wrote in a report on Wednesday. Now Musk, the world's richest person, is set to to lead the Trump administration's "Department of Government Efficiency," which is expected to function as an advisory office, alongside onetime Republican presidential candidate Vivek Ramaswamy. His new role could give Musk, who also runs SpaceX and owns social media company X, influence over federal agencies' budgets, staffing and the ability to push for the elimination of inconvenient regulations.
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