When multi-hyphenate billionaire Elon Musk returned to Tesla in May, it was met with a surge of enthusiasm from investors who feared he'd given up on the embattled carmaker during his disastrous stint in government.
But that optimism has dimmed significantly as Musk has brought his signature aura of chaos and disappointment back to Tesla — and it's clear in the company's stock price, which has actually fallen since his homecoming in late May. At the time, the company's share price was hovering around $340, surging up to $360 or so as he came back, but more than a month later, it's slumped to around $300.
Most recently, the stock has taken a beating after president Donald Trump threatened to cut the billionaire and his firms off from all government subsidies after even more interpersonal conflict with the billionaire.
"Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump wrote in a Truth Social post in the early morning hours of Tuesday.
Tesla's shares have fallen more than 11 percent over the last month alone, indicating that Musk's step back from the political world — later seemingly revoked as he promised this week to create his own political party — to renew his focus on his business interests hasn't exactly impressed investors.
During a May appearance at the Qatar Economic Forum, the mercurial CEO claimed he's going to do "a lot less" political spending, vowing that there's "no doubt" about his commitment to leading the EV maker for the next five years.
However, even plummeting sales and disastrous finances — largely a result of rocketing anti-Musk sentiment — appear to be the least of the carmaker's problems. The launch of its long-awaited robotaxi service, a Hail Mary intended to save the company's slouching fortunes, has been plagued with technical issues, requiring human "safety monitor" drivers to sit in the front seat.
Musk's personal feud with Trump isn't exactly helping matters, either, wiping out about $150 billion in the company's market value early last month.
In light of the president's latest threats, Tesla's shares slid almost five percent.
"He’s upset that he’s losing his EV mandate," Trump told reporters. "But he can lose a lot more than that, I can tell you. Elon can lose a lot more than that."
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