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Tesla stock falls after Trump official urges Americans to ‘invest in Elon Musk’

Donald Trump’s commerce secretary told Americans to buy stock in Elon Musk’s electric car company, only for shares in Tesla to keep falling.

“I think, if you want to learn something on this show tonight, buy Tesla,” Howard Lutnick told Fox News on Wednesday. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”

He added: “I mean, who wouldn’t invest in Elon Musk? You gotta be kidding me.”

Regarding Tesla at least, the answer appears to be: lots of people. In the last month, shares have lost a third of their value. After Lutnick spoke, Tesla was down again in pre-market trading on Thursday.

Musk donated hundreds of millions of dollars to Trump’s re-election campaign and is now slashing government staffing and budgets under the so-called “department of government efficiency” (Doge) – work proving increasingly unpopular and damaging to his businesses. Amid protests that have included vandalism of Teslas and dealerships, Musk has claimed to have done nothing wrong.

On Tuesday, he told Fox: “It turns out when you take away the money people get fraudulently, they get very upset. They basically want to kill me because I’m stopping their fraud, and they want to hurt Tesla because we are stopping this terrible waste and corruption in the government.