By the numbers: Tesla shares were down about 1.7% in premarket trading Thursday to $231.75.Or one that gained so much market capitalization so quickly. Balloons are like that….
The stock is down 5% in the last five days, 35% in the last month and 42% so far this year.
"We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly," JPMorgan analyst Ryan Brinkman said in a research note last week.
“Go woke, go broke."
Why it matters: Elon Musk's assault on the federal government has supercharged Tesla's evolution from liberal status symbol to pride-of-MAGA protectorate. The company's stock has taken a beating along the way.And this may be the best part;
Of note: Just hours before Lutnick's comments, Cantor Fitzgerald — the investment bank where he was previously CEO, which is now managed by his sons — upgraded Tesla's stock."I do not know much about gods; but I think that the market Is a strong green god—sullen, untamed and intractable….”
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I wonder how big this bank implosion is going to be as compared to the tech-bank one in 2008. America's billionaire-millionaires don't learn anything because they get bailed out by Democrats when they are called on to fix what they destroyed. I say this time we really do it right, no Obama-Rahm Emanuel, Geithener-Summers style bailouts from the top down.
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