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Summary

Tesla shares fell 1.7% Thursday after Commerce Secretary Howard Lutnick urged Americans to buy the stock on Fox News, calling it “unbelievably cheap.”

His comments sparked controversy as cabinet secretaries rarely endorse individual stocks.

Despite Lutnick’s endorsement, Tesla’s stock is down 42% this year amid dealership protests and declining brand value.

Wedbush analyst Dan Ives labeled Tesla’s situation a “crisis,” urging Musk and the board to address mounting concerns. Cantor Fitzgerald, formerly led by Lutnick, had upgraded Tesla shortly before his remarks.

  • partial_accumen@lemmy.world
    29·
    4 days ago

    Remember during the Obama years when Republicans were up in arms about the Executive Branch of the government picking “winners and losers”?

    If you’ve forgotten, here’s still sitting GOP Senator Ron Johnson and his colleagues at the time’s words.

    source