Tesla has been a big winner in the US election so far, rising 70% since election night. But the spell on the equity market may have broken today.
Shares hit a new record at $488.54 shortly after US equities opened today, but have since bounced back and are now down nearly 11% and are the worst performing large cap which performs on the Nasdaq. If it closes here, this would also paint a three-candle reversal on the chart.
Daily TSLA chart
Perhaps exacerbating the downturn was a report yesterday that Trump's transition team is planning a 'sweeping rollback' of EV and emissions plans, including scrapping federal plans to buy EVs for both civilian and military use and establishing tariffs on imports of the “EV supply chain” including batteries. , critical minerals and charge components.
While all this is happening, Elon is playing politics.
