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Tesla Takes A Tumble: Elon Musk’s Fortune Dips As Shares Plunge

Tesla’s market capitalization has slipped below the elusive $1 trillion mark, and the impact on Elon Musk’s net worth has been staggering—$15.6 billion wiped out in just one day. With shares plunging over 8% on Tuesday, the company’s stock has shed most of its gains since the November presidential election, and year-to-date, Tesla’s shares have tumbled by 25%.

Several factors are converging to drive this downturn. Analysts point to a confluence of external pressures, including Donald Trump’s stringent trade policies and stiff competition in China and Europe. Recent Reuters coverage revealed that Tesla’s long-awaited update to its partially automated driving system fell short of expectations, particularly in the Chinese market, where rivals like BYD are offering similar capabilities at a fraction of the cost.

Adding to investor concerns is the unconventional role Elon Musk has assumed in Washington. Spending much of his time in the capital, Musk now heads the newly established Department of Government Efficiency (DOGE) under the Trump administration. This move, intended to slash government spending and streamline bureaucracy, has sparked controversy and led to significant personnel upheavals, with thousands of government employees responsible for overseeing his companies being dismissed. His provocative political rhetoric has even spurred protests at Tesla locations worldwide.

On the financial front, Tesla’s recent quarterly report didn’t help matters. The company posted weaker-than-expected fourth-quarter revenue and sales, with operating income plunging by 23%. The dip was largely attributed to lower average selling prices for its aging Model 3, Model Y, Model S, and Model X lineups.

Currently, Tesla shares stand at $302.80 after an 8.39% drop in after-hours trading—a sharp reminder that even though they remain roughly 20% above pre-Trump victory levels, the road ahead remains uncertain. As the market digests these developments, the pressure mounts on Tesla and Musk to navigate this turbulent period while investors watch closely for signs of recovery.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

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