Shares of Tesla Inc (NASDAQ:TSLA) tumbled nearly 8.6% on Thursday afternoon, wiping out about $82 billion in market value, as investors reacted to a mix of political turmoil surrounding CEO Elon Musk and signs of deteriorating international sales.
The sharp drop extends a slide that began after hours on Wednesday, when the stock fell 3.5% following Musk’s outspoken criticism of a Republican-led spending bill.
On his social media platform X, Musk urged followers to “KILL the BILL,” accusing Congress of “bankrupting America” and further escalating tensions with lawmakers, including former President Donald Trump.
The escalating political clash has heightened investor concerns over Tesla’s entanglements in US political battles and their potential impact on the company’s brand and business prospects.
Adding to the pressure, Tesla reported continued sales weakness across key global markets. UK registrations fell 45% in May, while similar declines were recorded in Germany, France, and Sweden. Australia was a rare bright spot, with Model Y sales jumping 123% year-over-year.