Tesla shares plunge 14%, head for worst day in five years
11 comments
·March 10, 2025legitster
Tesla is still up compared to where it was a year ago.
If you look at their chart, there was a massive election bump. An investor trying to be savvy maybe would have assumed his businesses would benefit from proximity to power. Now that it's pretty clear he is thoroughly disinterested and distracted from his businesses.
Does Musk even want to be CEO anymore? He hasn't seemed to care about Tesla ever since he had to settle with the SEC. He got his massive payout that he will be unlikely to repeat. Ostensibly he is only CEO on paper because the magic affect his name had on stocks in the past.
9283409232
>Does Musk even want to be CEO anymore? He hasn't seemed to care about Tesla ever since he had to settle with the SEC
He recently got a contract with the State Department for 400 million to make armored Cybertrucks so he is still involved with Tesla. Musk wants to do whatever he wants without other people saying whether he can or can't. Every agency on his DOGE hit list was an agency that was investigating him. I'm sure he wants to be involved with SpaceX, Starlink, Tesla but these pesky things called regulations and investigations keep getting in his way so he has decided to tear it all down.
dabinat
The question is: what price does the stock have to reach for shareholders to kick out the board and nominate a board that will fire Musk?
aswanson
It's still overpriced at least 5x. They still have time to cash out.
SonOfKyuss
I think we have quite a ways to go before that. The price is still pumped pretty high compared to what it would be without the Musk hype that got it to where it is. I bet we’d see a 30-40% drop in share price if they fired him now. They’re in a no-win situation
yoelhacks
Maybe. Current prices certainly include probability that Tesla is able to pull off major transformation into more than just a car manufacturer (batteries, supercharge network, self-driving software, etc). The implicit assumption is that Musk is helpful for that - which would certainly have been true some years ago. Getting rid of him would be an admission that the loftiest dreams won't happen as fast as some would like, but doesn't necessarily mean they're out of the picture.
r721
MilnerRoute
While 14% sounds bad, they're really just giving up the big spike they got after the election. Another way to say it?
"Tesla's shares haven't been this low since... October."
MBCook
But is there any reason to think it would have happened this fast (or at all) if not for his behavior/persona?
Isn’t the new model Y out? Shouldn’t that boost things? Sales are reportedly tanking all over the globe.
This isn’t a market correction where the price adjusts despite reasonable fundamentals. Something has gone seriously wrong and is seriously effecting things.
And we all know who that something is.
throwaway5752
It's shocking. You do everything possible to alienate your core buying demographic, and they stop buying your product. And maybe doing so particularly in markets that provided badly needed and nearly 100% margin carbon credits to sell to other automakers was a particularly bad idea.
I'm sure self-driving cars and humanoid robots will be here any day now, though, just like the semi, or the previous self-driving cars.
I'm only surprised TSLA has held up as well as it has.
As someone working at the NIH, today has given me more schadenfreude than I have ever experienced in my lifetime. Today's 14% drop, the X outage, cancelled starlink contracts, protests at dealerships - the wax on his wings cannot melt fast enough for me.