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Musk's embrace of right-wing politics risks turning off car buyers and sinking Tesla's stock (apnews.com)

submitted 5 days ago by alyaza@beehaw.org to c/news@beehaw.org

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Tesla sales plunged 45% in Europe in January, according to research firm Jato Dynamics, even as overall electric vehicle sales rose. That comes after a report of falling sales in California, its biggest U.S. market, and the first annual drop globally for the company last year.

“I don’t even want to drive it,” said Model 3 owner John Parnell, a Democrat from Ross, California, adding that he also is cancelling his order for the company’s Cybertruck, losing a $100 deposit. “He’s destroying the brand with his politics.”

The sales numbers were particularly bad in Germany and France in January, down roughly 60% each, more than the average decline for the more than two-dozen European countries surveyed. Sales in France fell another 26% in February.

More worrisome was the breakdown for Tesla’s individual models. Sales of Tesla’s Model 3 dropped 33% across all European countries even though that car is not being updated and there is no reason for buyers to wait

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[–] jarfil@beehaw.org 7 points 5 days ago* (last edited 5 days ago) (1 children)

Like every good billionaire, he's been playing the stock game by taking on loans and exchanging stock, based on valuation (aka: hype). If the valuation plummets, then depending on his exposure, he could default on those loans and end up penniless.

We don't know his exposure level, he's been avoiding anything that would require disclosing all his assets and liabilities, so we'll have to wait and see.

[–] Powderhorn@beehaw.org 3 points 5 days ago (1 children)

Surely, he's bought some bullion over the years.

[–] jarfil@beehaw.org 6 points 5 days ago* (last edited 5 days ago)

That wouldn't protect him. Only 25% of world gold production has a practical use, the rest is turned into jewelry and bullion at a speculative value. Buying some is also not that straightforward, most is sold as an IOU, with the physical stuff remaining in the original owner's vault.

We live in a world where fiat/credit rules everything; the moment trust is lost, there is no difference between Tesla shares, Zimbabwean dollars, $Trump, USD... or bullion IOUs.

For reference:

President Donald Trump signed an executive order supporting digital assets and vowed to create a national stockpile of cryptocurrency

PS: this is also another step towards Network States.