Tesla’s plummeting stock just hit a level that Lutnick said would ‘never’ happen

Summary

Tesla shares fell 10% to $214.80 on Monday, hitting a new low weeks after Commerce Secretary Howard Lutnick urged Americans to buy the stock, calling it “unbelievably cheap.”

Since January, Tesla’s value has dropped over 40%, driven by concerns over Elon Musk’s political ties, market competition, and erratic behavior.

Lutnick’s televised endorsement sparked ethics concerns, as he promoted stock in a company led by a White House advisor.

Billionaire Bill Ackman slammed Lutnick for profiting amid economic turmoil, accusing him of indifference to the market collapse impacting Americans.