Republicans have criticized Democratic Senator Tim Walz for expressing pleasure over Tesla’s decline.
During a speech, Walz – who was previously the vice-presidential nominee alongside Kamala Harris and is currently serving as the governor of Minnesota – informed the crowd that he has included the electric vehicle company’s stock ticker in the finance applications on his smartphone.
On the year, Tesla's stock has lost Almost 40 percent of his wealth is tied up in the company's stock. Much of the CEO Elon Musk's net worth is dependent on the stock price.
However, tens of millions of Americans own Tesla shares, whether directly or through their 401(k)s or other retirement funds. Thus, a downturn for the electric vehicle company also affects them.
I included Tesla for an extra lift throughout the day," Walz stated, prompting cheers from the crowd. "It’s priced at $225 and decreasing.
Tesla, previously beloved by the left, has been primarily responsible for the green technology revolution that spurred numerous advancements. Biden-era policies .
The company, headed by Musk, popularized zero tailpipe emissions vehicles in the US with sleek, sporty vehicles.
Several prominent automakers such as Toyota, GM, Nissan, and Ford introduced electric vehicles for a brief period; however, these models failed to penetrate the broader consumer market.
Tesla's Model Y has become the best-selling car In the year 2024 around the globe.
The leading sales performance of electric vehicles prompted the Biden administration to invest billions of dollars in battery-powered automobiles; the previous president enacted the Inflation Reduction Act, which introduced tax breaks forEV purchasers and assistedstatesin establishingcharging infrastructure.
However, Musk benefited from loans provided to his company. during the Obama administration , has changed allegiance to the Republican party, contributing almost $300 million to the Trump campaign in 2024.
"If you're looking for a quick lift today, consider taking a look at Tesla's shares," Walz commented on the video posted to X.
Musk responded to the governor of Minnesota via his social media platform, stating that he looks at the @JDVance painting in the @WhiteHouse and thanks the Lord.
Several other Republicans have criticized Walz's comments, stating that he appears to be celebrating the downfall of an American corporation.
'Tesla is transforming travel,' remarked John LeFevre, a ex-banker and an active user on X, in reaction to Walz's video. 'This is outrageous.'
Tesla's tumbles
Tesla's stock hasn't been doing as well lately.
Following the victory of the presidential candidate favored by the automaker’s chief executive in December, the company's stock symbol climbed to almost $480 per share.
However, by March 2025, the firm had lost more than $140 billion from its peak value.
Several factors led investors to withdraw their support from the stock, mainly due to Musk’s associations with Trump being unfavorable among Tesla's predominantly progressive clientele, sluggish sales in both Europe and China, and the company failing to meet expectations thus far. long-standing promise of Full Self-Driving technology .
In the meantime, companies are equipping their vehicles with advanced technology.
In China, BYD revealed that its newest models arriving at dealerships next month can be charged from 10% to 80% in just 5 minutes.
The quickest-charging Tesla vehicles require triple the time.
In the United States, Waymo has outpaced Tesla several times when it comes to autonomous driving technology.
The self-driving division associated with Google has introduced autonomous vehicles in San Francisco. Los Angeles , and Phoenix, with intentions to launch services in Austin and Atlanta later this year.
Tesla aims to introduce an 'unmonitored' car-sharing service in Austin, Texas, by June.
The decline in the stock price of the American electric vehicle company has caused Musk’s net worth to drop by approximately $104 billion.
He is still the wealthiest person globally .
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