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Tesla loses $68 billion in value after Elon Musk says he is launching a political party (www.cnbc.com)
submitted 1 year ago by to c/economics@lemmy.world
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KEY POINTS

Elon Musk said he would form a new political party called the “America Party.”

Tesla shares fell Monday after Musk’s announcement.

Tesla shareholders have wanted Musk to stay away from politics, especially after his stint at the so-called Department of Government Efficiency, which many have said damaged the automaker’s brand.

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[–] 1 point 1 year ago*

Yeah that's great, Elon. You couldn't have done it like a year ago when it might have helped???

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    [–] 60 points 1 year ago* (2 children)

    CEO loses investors $68 billion after $56 billion pay rise

    I wish I could survive my company losing money

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  • [–] 14 points 1 year ago (1 child)

    i truly do not understand how shareholders think, why the fuck would you keep tesla stocks at this point? sell them and invest in that chinese electric moped company for fuck's sake, infinitely more reliable

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  • [–] 4 points 1 year ago*

    It's very simple: his votes, plus his family votes and the fact that shares held in index and funds vote always like the boards direct and they have the vast majority and every "voting" is just a farce.

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    • [–] 54 points 1 year ago

    Still up 16% since this time last year. More crash please.

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    [–] 37 points 1 year ago (16 children)

    They should be seriously considering firing this fuck, by now. Everything he's done for the last couple of years has cost his investors money.

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  • [–] 14 points 1 year ago (5 children)

    Hahahaha - have you seen “the board”? It’s several bought-and-paid-for dipshits and members of his family. He’ll make a good decision before they oust him.

    Not happening. Never (unless it’s part of a scam, then yeah sure why not. Gotta fleece the stooges).

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  • [–] 7 points 1 year ago (4 children)

    Then it sounds like it would be a slam-dunk to prove in court, that the board is no longer honoring its fiduciary duties to its investors.

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  • [–] 2 points 1 year ago (6 children)

    Won't happen. His board are all sycophants.

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  • [–] 5 points 1 year ago (5 children)

    Then Tesla's investors should organize a class action suit against the board, for acting against their best interests.

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  • [+] 4 points 1 year ago* (4 children)
    [deleted]
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  • [–] 4 points 1 year ago (3 children)

    And yet, he's costing the rich a ton of money by tanking the value of his stock. That should take precedence over whatever "the board" decided to give him. The investors are the priority in a capitalist system...not the board. The board's job is to maximize investor returns. That's all.

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    • [+] 131 points 1 year ago (12 children)
    [deleted]
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  • [–] 96 points 1 year ago (3 children)

    And smart.

    But it turns out he basically steals the ideas of better people and takes all the credit. Truly a modern day Thomas Edison. But even worse.

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  • [–] 22 points 1 year ago (2 children)

    Worse, for many reasons, but also: stealing Tesla's actual name this time

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  • [–] 49 points 1 year ago (5 children)

    "we"?

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  • [–] 43 points 1 year ago (1 child)

    Well, I'll give my own impression: I was never a fanboy, but I think his PR team did a good job making him seem vaguely non-threatening and focused on bringing the sci-fi ideas into reality. I remember rolling my eyes when he appeared in Iron Man 2, and the "Tony Stark" comparisons always seemed, to be charitable, aspirational. But then he started tweeting about that cave diver being a "pedo guy," fired his PR people, and it quickly became obvious who he really was.

    Basically standard tech bro protocol. Appear neutral on politics and vaguely altruistic in motive, until they have so much money nobody can stop them from being their worst techno-fascist selves. (Altman seems next in line for this transition.)

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  • [–] 28 points 1 year ago (1 child)

    I'll admit to it.

    I used to think Tesla was based, since it paved the way for mass-market EVs to happen. I still think SpaceX is based because of the booster reuse and droneship recovery of Falcon 9, and the massive potential for Starship to make space massively cheaper, and Starlink for bringing Internet to rural areas/war zones like Ukraine (despite clouding the skies.)

    On a personal level I found him disgusting, and as a billionaire I think he's the sickness at the core of our economy and society. The projects of his companies were genuinely useful, though.

    So yeah, in 2015 he would have been closer to the bottom of my list of most evil billionaires, whereas now he's way at the top.

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  • [–] 7 points 1 year ago

    Yep same. For the longest time, honestly too long, he was cool and smart in my eyes. I have always loved space travel and craved a high tech, sustainable future. Not anymore. He killed much of that for me.

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    [–] 33 points 1 year ago

    Still massively overvalued.

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    [–] 20 points 1 year ago (1 child)

    Funny how the "America Party" wasn't created by an American.

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    • [–] 15 points 1 year ago

    Please announce creating more parties.

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    [–] 11 points 1 year ago* (3 children)

    7D chess, my mind can't follow.

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  • [–] 7 points 1 year ago (2 children)

    I thought we were at 256D chess now.

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    • [–] 10 points 1 year ago (2 children)

    Can we skip to the good part where is 100% bankrupt and no other billionaire bails him out and he ends up being arrested by a rookie cop doing his first drug arrest as Elon nearly ODs on illegal street ketamine and literally no one in the legal system cares when he is given a life sentence?

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  • [–] 3 points 1 year ago* (1 child)

    I'd settle for "dies a 90 hour non-instrument rated private pilot flying the Beech Debonair he just bought VFR into IMC by slamming into a hillside trying to fly under a 300 foot ceiling."

    But he wouldn't pass a 3rd class medical certificate, would he?

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    • [–] 8 points 1 year ago

    The America Elon Musk Oligarchy Party.

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    [–] 8 points 1 year ago (1 child)

    Hooray!

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    • [–] 17 points 1 year ago* (last edited 1 year ago) (1 child)

    It coincides with a bunch of other stuff, like hints at Tesla regulation, tariffs, and regular wild swings just from being Tesla.

    Tesla is up 16% over 1 year, 185.44% over 5 years, beating the S&P 500. Not that I would ever hold Tesla, but still, it's not like Musk's wealth has evaporated.

    CNBC is basically the Fox News of finance world. Big, sensationalist and basically catering to day trader hype (not the longer term buy-and-hold crowd. You know, what the stock market is supposed to be). So maybe there's some cause and affect here, but I don't trust them on headlines like this.

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  • [–] 1 point 1 year ago*

    CNBC loves to hate on anything Musk.

    They're the ones who wrote a story about SpaceX polluting the area with high levels of mercury because of a conversion error / typo on the report.

    I'm too lazy to look up exact figures, but it basically went like this in the report. (Smaller is better)

    In 1 spot it said

    Mercury test 1: 0.01

    Mercury Test 2: 100

    Then in another spot talking about the same values it said

    Mercury Test 1: 0.01

    Mercury Test 2: 0.01

    I don't think they ever retracted it, but the headlines were all SpaceX polluting massively over allowed thresholds kinda thing.

    The reporting was either so sloppy they didn't read the whole report or cross reference anything and just ran with it, or they knew and said fuck it we can get the clicks and it's technically in the report.

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    • [–] 6 points 1 year ago

    will elon maco like the taco?

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    [–] 5 points 1 year ago

    it was damaged before doge was created.

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    [–] 4 points 1 year ago

    good

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    [–] 4 points 1 year ago

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    [–] 4 points 1 year ago

    Literal and figurative car crashes! Woo!

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    [–] 2 points 1 year ago* (last edited 1 year ago) (1 child)

    If I were in the market for an EV, I have better options than a Tesla including some that are the equivalent of sub 10,000 USD. I just don’t know how well EVs can handle +50C temperatures.

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