Tesla's stock has suffered significant losses this year, attributed to increased competition and concerns over CEO Elon Musk's influence on government policies. As searches for used Teslas dropped 16% recently, Secretary Howard Lutnick's controversial call for Americans to invest backfired, further impacting stock prices negatively. Concurrently, families of victims from Tesla-related accidents expressed concern to Transportation Secretary Sean Duffy regarding the potential weakening of oversight on automated driving technologies due to Musk's ties with the Trump administration, highlighting fears that current safety measures may be compromised.
We fear this important measure is under threat given recent media reports and the influence of Tesla CEO Elon Musk, whose company operates the most widely used advanced driver assistance technologies in America.
After Lutnick's TV appearance, in which he urged viewers to "buy Tesla" and promised them that the stock will "never be this cheap again," the company's shares dropped another 1.7% Thursday morning.
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