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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 week ago* (last edited 1 week ago) by babysandpiper@sopuli.xyz 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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[–] Azhad@lemmy.world 4 points 1 week ago* (last edited 1 week 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.