Elon Musk's feud with Trump hurts Tesla's stock value
- Tesla shares fell below their 200-day moving average, trading as low as $293.21 per share.
- The decline in Tesla's stock value was influenced by deteriorating relations between Elon Musk and Donald Trump.
- Analysts caution that the ongoing political tensions and economic factors could continue to impact market performance.
In the Philippines, Asian shares experienced a mixed trading session on Wednesday following declines in Tesla's stock price, which fell significantly due to escalating tensions between CEO Elon Musk and U.S. President Donald Trump. This downturn was part of a larger trend that saw Wall Street's momentum stall after reaching record highs. As of recent trading, Tesla's shares dropped over 5%, further exacerbated by Musk's ongoing disputes with Trump regarding government contracts and subsidies. Investors became increasingly wary as the relationship between Musk and Trump, long considered allies, has reportedly soured over subsidy scrutiny. Moreover, the declines in tech stocks such as Tesla, coupled with concerns over U.S.-Japan trade talks, contributed to the lack of progress in markets globally. Japan's stock index faced jitters, while Australia's S&P ASX 200 saw slight improvement. Despite these challenges, overall gaming revenue in Macao showed unexpected growth, which boosted some investor sentiment. However, the broader implications of Musk and Trump's dispute on Tesla's stock therefore highlight the volatile nature of market reactions to corporate governance issues and external political dynamics.