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Tesla’s stock has hit a new low, a mere three weeks after Commerce Secretary Howard Lutnick publicly advised investors to buy, claiming it would “never be this cheap again.”
Shares of Elon Musk’s company took a 10% dive in early trading Monday, settling at $214.80. This is a significant drop from the $235.86 when Lutnick made his bullish pronouncement.
In a Fox News interview on March 19th, Lutnick lauded Musk as “probably the best person to bet on I’ve ever met,” urging viewers to invest in the company.
Since the start of the year, the electric car manufacturer has seen its shares plummet over 40% due to concerns about Musk’s role in the Trump administration and growing competition in the EV market.
Musk’s public missteps have further impacted the company’s reputation. These include appearing to give multiple fascist salutes on Election Day and his leadership role in the Trump administration’s DOGE task force.
Lutnick suggested that the stock’s decline was temporary and would rebound once people recognized Musk’s vision.
The situation has raised eyebrows, as it is unusual for a Cabinet secretary to endorse individual stocks, especially when the company is led by a White House advisor.
Commentators have questioned whether Lutnick’s actions constitute ethics violations. David Frum, a journalist and former Bush White House staffer, suggested potential offenses if Lutnick owns the stock himself. Even if he doesn’t, Frum argued, it’s a “shameful breach of trust.”
Adding to the drama, MAGA billionaire Bill Ackman recently criticized Lutnick for allegedly profiting from economic instability.