Connect with us

Top Stories

Tesla stock tanks after Trump dismisses Musk’s new political party plan and calls him ‘off the rails’

Published

on



London
CNN
 — 

Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

Tesla stock (TSLA) later recovered some of its earlier losses but then opened down 7.6% at the start of regular trading at 9:30 a.m. ET. In mid-afternoon trading shares were down about 7%.

“I’m saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,” Trump wrote on his Truth Social platform late Sunday, also mentioning Musk’s Saturday announcement that he is forming a political party to rival the main Republican and Democratic parties.

Ahead of boarding Air Force One in New Jersey Sunday, Trump also called Musk’s announcement “ridiculous” and said it would sow confusion.

Neil Wilson, a strategist at UK trading platform Saxo Markets, said Monday that Tesla investors were concerned on two fronts: firstly, that further friction between Musk and Trump would lead to additional cuts to US government EV subsidies and, secondly, that Musk appeared “distracted.”

“Investors had cheered Musk stepping back from frontline politics but are now worried he’s going to (be) sucked back in and take his eye off Tesla,” Wilson wrote in a note.

Trump and Musk began trading barbs in early June after the Tesla CEO criticized Trump’s so-called “Big, Beautiful Bill” — a massive tax and domestic policy bill, which the president signed into law last week. Musk has argued that the policies will add trillions of dollars to the federal budget deficit.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk said on his social media platform, X, Saturday. “Today, the America Party is formed to give you back your freedom.”

Trump, in his Sunday post, said third political parties “have never succeeded in the United States” and that “the one thing (they) are good for is the creation of Complete and Total DISRUPTION & CHAOS.”

Tesla stock on Monday was on track for its biggest single-day loss since June 5, when Musk and Trump traded barbs on social media.

Tesla’s fortunes have taken a turn in recent months as it has grappled with intensifying competition from rival EV makers and the fallout from Musk’s foray into US politics.

Last week, the company reported a record fall in second-quarter sales, selling 13.5% fewer vehicles compared with the same period in 2024. For that year, Tesla has also reported its first-ever annual decline in sales as a public company. The drop was small — around 1% — though it marks a striking turnaround for an automaker historically accustomed to robust sales growth.

Notably, Tesla is poised to lose its title as the world’s largest EV maker, based on annual sales, to Chinese automaker BYD, even though BYD has not entered the US market.

Meanwhile, Musk’s recent involvement at the wheel of the US government, helming the Department of Government Efficiency and spearheading mass layoffs of federal workers, has, among other controversies, sparked protests outside Tesla’s showrooms worldwide.

In May, Musk announced he would step down from his government position, raising hopes among investors that he will now have more time to work on his companies, which include SpaceX and X. But the billionaire’s feud with Trump, and likely upcoming attempts to woo voters to his new party, have thrust him back into the political arena.

Shares of Tesla nearly doubled after election day, setting a record high in mid-December thanks to investor expectations that an alliance between Trump and Musk would be beneficial for Tesla. But the controversy and blowback caused by Musk’s political activities sent shares tumbling, and they’ve lost more than a third of their value from since.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Stories

Melting glaciers and ice caps could unleash wave of volcanic eruptions, study says | Climate crisis

Published

on


The melting of glaciers and ice caps by the climate crisis could unleash a barrage of explosive volcanic eruptions, a study suggests.

The loss of ice releases the pressure on underground magma chambers and makes eruptions more likely. This process has been seen in Iceland, an unusual island that sits on a mid-ocean tectonic plate boundary. But the research in Chile is one of the first studies to show a surge in volcanism on a continent in the past, after the last ice age ended.

Global heating caused by the burning of fossil fuels is now melting ice caps and glaciers across the world. The biggest risk of a resurgence of volcanic eruptions is in west Antarctica, the researchers said, where at least 100 volcanoes lie under the thick ice. This ice is very likely to be lost in the coming decades and centuries as the world warms.

Volcanic eruptions can cool the planet temporarily by shooting sunlight-reflecting particles into the atmosphere. However, sustained eruptions would pump significant greenhouse gases into the atmosphere, including carbon dioxide and methane. This would further heat the planet and potentially create a vicious circle, in which rising temperatures melt ice that leads to further eruptions and more global heating.

Pablo Moreno-Yaeger, at the University of Wisconsin-Madison, US, who led the research, said: “As glaciers retreat due to climate change, our findings suggest these volcanoes go on to erupt more frequently and more explosively.”

The research, which was presented at the Goldschmidt geochemistry conference in Prague, and is in the final stages of review with an academic journal, involved camping high in the Andes, among active and dormant volcanoes.

Detailed work on one volcano, called Mocho-Choshuenco, used radioisotope dating to estimate the age of volcanic rocks produced before, during and after the last ice age, when the 1,500-metre-thick Patagonian ice sheet covered the area. Analysis of the minerals in the rocks also revealed the depth and temperature at which the rocks formed.

This data revealed that thick ice cover had suppressed the volume of eruptions between 26,000 and 18,000 years ago, allowing a large reservoir of magma to build up 10-15km (6.2-9.3 miles) below the surface. After the ice melted, from about 13,000 years ago, the pressure on the magma chamber was released, gasses in the liquid or molten rock expanded and explosive eruptions followed.

“We found that following deglaciation, the volcano starts to erupt way more, and also changes composition,” said Moreno-Yaeger. The composition changed as the magma melted crustal rocks while eruptions were suppressed. This made the molten rock more viscous and more explosive on eruption.

Iceland has experienced eruptions linked to the melting of its glaciers and ice caps. Photograph: Anadolu/Getty Images

“Our study suggests this phenomenon isn’t limited to Iceland, where increased volcanicity has been observed, but could also occur in Antarctica,” he said. “Other continental regions, like parts of North America, New Zealand and Russia, also now warrant closer scientific attention.”

Previous research has shown volcanic activity increased globally by two to six times after the last ice age, but the Chilean study was one of the first to show how this happened. A similar phenomenon was reported via the analysis of rocks in eastern California in 2004.

A recent review by scientists found there had been relatively little study on how the climate crisis had been affecting volcanic activity. They said more research was “critically important” in order to be better prepared for the damage caused by volcanic eruptions to people and their livelihoods and for possible climate-volcano feedback loops that could amplify the climate crisis. For example, more extreme rainfall is also expected to increase violent explosive eruptions.



Source link

Continue Reading

Top Stories

Apple just added more frost to its Liquid Glass design

Published

on


Apple’s new Liquid Glass design language just got a little more… frosted. In the third iOS 26 developer beta, Apple dialed back the transparency of navigation bars, buttons, and tabs that once allowed you to clearly see the content beneath them.

Apple already toned down the glassiness of Liquid Glass after many users complained that it was too transparent and made it more difficult to see certain options, like the icons inside the Control Center. This most recent beta makes Liquid Glass elements even more solid, likely as a way to improve readability. Still, some users see the change as a reversal of the flashy, glass-like design that Apple showcased at WWDC.

This is still just a developer beta, so it’s likely that Apple will continue to make tweaks before it releases iOS 26 to the public in September.



Source link

Continue Reading

Top Stories

Paolo Banchero, Magic agree to five-year rookie max extension

Published

on


Orlando Magic star Paolo Banchero agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management told ESPN on Monday.

Miller said Banchero’s new deal includes triggers to elevate the base salary to the supermax should the Magic franchise cornerstone make either an All-NBA team or earn MVP or Defensive Player of the Year honors next season.

The deal also has a player option for Banchero in 2030-31 — the first time a rookie max extension has had a player option since 2021, when Luka Doncic (Dallas Mavericks) and Trae Young (Atlanta Hawks) completed their rookie max contracts.

The Magic now have their core of Banchero, Franz Wagner and Jalen Suggs under contract for the next five years as well as newly acquired Desmond Bane under contract through the 2028-29 season.

Magic president Jeff Weltman said after last season that the franchise would take an aggressive approach this offseason, and after the acquisition of Bane and signing of veteran guard Tyus Jones, the team is well-positioned to be a contender in the Eastern Conference.

Orlando’s selection of Banchero with the No. 1 pick in the 2022 draft triggered a turnaround for the franchise that has led to two postseason appearances in the past two seasons.

Despite an oblique injury that sidelined him for 34 games over the first two months of 2024-25, Banchero went on to have a career season, setting high averages of 25.9 points and 7.5 rebounds to go with 4.8 assists.

He’s only the eighth player in NBA history to average at least 25, 7 and 4 at age 22 or younger. And he joined Tracy McGrady and Shaquille O’Neal as the only Magic players to average more than 25 points in a season.

Banchero took his game to another level after the All-Star break, averaging 29.0 points, 7.8 rebounds and 4.5 assists. In the playoffs, he put together seven straight games with 25 points or more spanning the 2024 and 2025 seasons, tying the longest streak in Magic history.

He has the third-most career points through three seasons in Magic history with 4,432, behind only O’Neal and Penny Hardaway.

The 2022-23 NBA Rookie of the Year, who earned his first All-Star selection in 2024, has averaged 22.4 points, 7.1 rebounds and 4.6 assists in his three NBA seasons.

ESPN’s Bobby Marks contributed to this report.



Source link

Continue Reading

Trending