Tesla's stock dropped more than 8% amid disappointing European sales, with concerns surrounding CEO Elon Musk's political stances compounding the issues. The company’s sales in Europe fell by 45% recently, while competitors capitalized on growing EV demand. Musk’s controversial endorsements in political elections have alienated potential customers, particularly in Germany, further exacerbating the stock's decline. Tesla's valuation dipped below $1 trillion for the first time in three months, triggering fears over its reputation and financial performance.
Tesla's stock fell over 8%, marking an 8% drop due to poor European sales and concerns over CEO Elon Musk's political actions, dipping below $1 trillion.
Sales in Europe dropped 45%, with rivals like Volkswagen and Renault capitalizing on the growing demand for EVs, showcasing Tesla's decline and need for improvement.
Tesla's reputation is at risk; critics claim Musk’s political activities are negatively impacting sales, especially with his support for the far-right party in Germany.
Protests have erupted at Tesla locations in the U.S. in response to Musk's leadership and alleged service cuts, further clouding the company's public image.
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