Tesla Inc. shares have fallen sharply amid concerns regarding Elon Musk's involvement with the federal government and uncertainty surrounding the production of a new lower-cost electric vehicle. Wedbush Securities analyst Dan Ives emphasized that Musk should focus entirely on Tesla, reflecting on how his controversial roles are damaging the brand. As Tesla prepares to report earnings, concerns are heightened due to a significant drop in share value and projections being cut due to a perceived 'brand crisis'.
Tesla is facing a code red moment as it prepares to report first-quarter earnings...Ives wrote in a report to clients Sunday.
Musk needs to leave the government, take a major step back on DOGE, and get back to being CEO of Tesla full-time.
Tesla shares slid 6%...the biggest decliner in the S&P 500 Index. The stock has lost about 44% of its value this year.
Ives slashed his price target for Tesla's stock by 43%, citing a brand crisis created by Musk and US President Donald Trump's trade policies.
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