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What Tesla’s tarnish tells us about America Inc
Elon Musk’s company, like the US itself, seems like a sell.
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Tesla’s fall mirrors a larger sense that US equity exceptionalism, especially in technology, may be at an end.
PHOTO: AFP
Rana Foroohar
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Of all the Trump trades to hit the skids, Tesla stands out.
The share price of billionaire Elon Musk’s electric vehicle (EV) company has plummeted from a post-US-election high of nearly US$480 to less than US$282 last week. The fall has been so precipitous that on Feb 27, the American Federation of Teachers (AFT), a US union representing members with US$4 trillion (S$5.38 trillion) in retirement investments, called on six large money managers – BlackRock, Vanguard, State Street, T. Rowe Price, Fidelity and TIAA – to reconsider their position in the company.
