Tesla shares retreat following sharpest rally since 2013

Tesla CEO Elon Musk wears a 'Trump Was Right About Everything!' hat while attending a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025. Tesla shares slumped on Thursday, reversing course a day after the electric vehicle maker had its biggest gain on the market since 2013. The stock dropped 7.3% to close at $252.40 and is now down 38% for the year, by far the biggest decline among tech's megacap companies. That's true even after the shares soared 23% on Wednesday, their second-sharpest rally on record. President Donald Trump sent stocks up on Wednesday after announcing he would pause steep tariffs for many U.S. trading partners for 90 days to allow for negotiations. He set a minimum tariff rate of 10% while negotiations take place, but increased the tariff on China. The whole market has whipsawed on President Trump's changing plans, but Tesla has been particularly volatile, rising or falling by at least 5% on 19 different occasions this year. The slump ... Read full article.