By Admin 
Tesla shares: Tesla Inc. shares declined by 6.8 percent on Monday (July 7). This has led to a decline of more than $ 68 billion in the company’s market cap. This decline in Tesla shares after Musk’s announcement to start a new political party in the name of ‘America Party’.
Massive loss to the net worth of Musk
According to the Bloomberg Billionaires index, Musk’s total net worth has declined by $ 15.3 billion due to a sharp decline in stock. This is the biggest decline so far in Tesla’s shares after a confrontation with Trump over ‘Big Beautiful Bill’ in June.
Due to this, Tesla’s market cap lost $ 150 billion in just one day. Musk, once the closest friend of Trump and during his election campaign, had said that he was forming his third political party in the US in protest against the Republican Speaking Bill. Musk has always been opposed to Trump’s ‘Big Beautiful Bill’.
Musk against Trump’s tax and spending bill
Papalamsk says that this will eliminate jobs, emerging industries will come to a standstill. This bill will make the country bankrupt. ‘Big Beautiful Bill’ includes heavy government spending and tax cuts. Due to this, it is estimated that this may increase the US budget deficit by more than $ 3 trillion in the next 10 years. In the 2024 election, both Musk and Trump supported each other. Musk also spent around $ 250 million for Trump’s election campaign.
Mask resigns from post in May
After the election, Musk was made the head of the President’s new department ‘Department of Government Efficiency’ (DOGE), whose job was to eliminate government bureaucracy and suggest for a large scale cut in the federal budget. Differences between Musk and Trump started after leaving the administration in May and leaving the administration and openly criticizing Trump’s tax and spending bill.
Investors fear this
Meanwhile, investors are afraid that if the estrangement of Musk with Trump remains in this way, then the subsidies from the US government in the coming time may affect Musk companies, which can cause companies.
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