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Tesla stock sinks by 26% in wake of Elon Musk’s ‘Nazi’ salute at Trump rally
Tesla's stock dropped by 26% following Elon Musk's gesture at Donald Trump's inaugural rally, which some interpreted as a Nazi salute. Musk, whose wealth is largely tied to Tesla shares, saw his net worth decrease by over $50 billion as the stock fell from $424.07 to $290.80. Public frustration led to shareholders selling their Tesla stocks, including a longtime shareholder who sold his shares due to Musk's perceived toxicity. Employees expressed concerns that Musk's focus on his government role might harm Tesla's brand. Despite Musk and the American Defamation League denying the salute was Nazi-like, the incident contributed to the stock decline.
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