Tesla’s stock price dropped 9.2% to $217.41 amid a global equity market selloff, contradicting Commerce Secretary Howard Lutnick’s prediction that it would never fall below a certain price again.
The decline follows a 40% price target cut by Wedbush Securities analyst Daniel Ives, citing Trump’s trade policies and a brand crisis created by Elon Musk, and a weak first-quarter vehicle delivery report.
Analysts have lowered their estimates for Tesla’s sales and earnings, citing concerns over the impact of Trump’s tariffs, particularly in China, where Musk’s association with the US president may drive consumers to prefer domestic brands.
Dan Ives, Global Head of Technology at Wedbush Securities, joins to discuss Tesla’s fall, big tech movers and his recent note: “Tech Investors Tariff Policy Creates Mass Uncertainty/Pain”
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