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Tesla shares dive as investors fear new Elon Musk political party will damage brand

Fall of 6.8% in early trading wipes $79bn off firm’s value as market frets CEO’s foray into politics will distract from role

Shares in Tesla fell 6.8% by the close of US trading on Monday, wiping $79bn (£60bn) off the company’s value, amid investor concern that Elon Musk’s launch of a new political party will present further problems for the electric car maker.

Tesla’s market capitalisation fell from just over $1tn to about $921bn after stock markets closed on Wall Street, with the value of Musk’s stake in the company reduced by nearly $15bn, lowering it to below $120bn.

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