Howard Lutnick said he believes Tesla’s stock reached its low point in March.
Tesla’s stock price dropped to a point that Secretary of Commerce Howard Lutnick said would “never” happen last month amid concerns about President Donald Trump’s latest round of tariffs.Why It Matters
Trump last week announced new tariffs on dozens of countries across the globe. He says the tariffs are aimed at closing the U.S. trade deficit and restoring domestic manufacturing, but economists have warned they will likely lead to higher priced consumer goods for Americans.
Markets reacted negatively to the news of Trump’s tariffs. The Dow Jones Industrial Average tumbled about 9 percent since last Wednesday, while JP Morgan has warned there’s a growing recession risk.What to Know
Tesla’s stock price is no exception, continuing to drop on Monday. Before the tariffs, Tesla’s stock had already taken hit after hit over Musk’s political actions as part of the Trump administration’s Department of Government Efficiency (DOGE), as well as reports of vandalism against Tesla vehicles.
The value of Tesla opened at $223 per share on Monday. It fluctuated throughout the morning, rising to about $244 per share by 10:15 a.m. By 11:30 a.m., it had dropped back down to $225 per share and remained around $227 per share by noon. By 1 p.m. ET, it had leveled out at about $228 per share.
