US President Donald Trump declared he would “buy a brand new Tesla” following a 15% decline in the company’s stock. Trump accused “radical left lunatics” of bullying the company to “attack and do harm” to Elon Musk, the owner of Tesla.
However, stock analysts stated that a decline in sales over the previous year and anxiety over Tesla fulfilling production targets were the primary causes of the shares’ poor performance. According to economists, investors are also uneasy about Trump’s own economic policy, including tariffs. US markets fell on Monday due to share sales by investors worried about the economic impact of Trump’s tariffs.
This followed the US president’s hint at a possible US recession when he told a television interviewer that the largest economy in the world was going through a “period of transition.” Investors worry that when businesses pass on the expense of importing products to consumers, Trump’s tariffs may accelerate price increases and hinder economic growth.
Technology company stock slumped 15.4% as part of the sell-off, as stocks of Google parent Alphabet, Facebook owner Meta, Amazon, and artificial intelligence (AI) chip giant Nvidia also sank precipitously.
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