Tesla shares drop 7% after Musk unveils new U.S. political party
July 7 (UPI) -- Stock shares in Elon Musk's car company Tesla fell about 7% Monday after the billionaire ex-Trump administration official announced plans to form his new "America Party."
Tesla shares sold at $293 per share in morning trading but was on track to see its worst day of trading since June 5 when it tumbled 14% as the feud between Musk and U.S. President Donald Trump erupted into public view.
On Saturday, the world's richest man said the so-called America Party may focus on "just 2 or 3 Senate seats and 8 to 10 House districts," going so far to suggest it could be "enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people."
Tesla saw a Wall Street rebound in May after Musk left his Department of Government Efficiency role amid a decline in company sales.
However, Musk could lose federal subsidies that support SpaceX and his Starlink global satellite Internet services provider, Trump recently warned, as Tesla stock saw a drop on July 1.
In April, Tesla shares saw a 5% jump at one point during daily trading as Musk teased about exiting the White House, which later called the reports "garbage."
But Musk's heavy involvement in U.S. political affairs has made investors nervous.
"Very simply, Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story," Dan Ives, global head of technology research at Wedbush Securities, said Sunday in a note.
Musk and Trump have clashed over the Republican's recently-passed tax spending bill for which no Democrat voted for approval.
"While the core Musk supporters will back Musk at every turn no matter what, there is broader sense of exhaustion from many Tesla investors that Musk keeps heading down the political track," Ives added.
On Sunday, the president called the creation of Musk's new America Party "ridiculous" and stated the Tesla chief had gone "completely off the rails" as Musk sided with Democrats saying Trump's new tax bill will add trillions to the U.S. national debt.
Sales of Tesla's EVs fell over 13% from April to June versus the same time last year. In addition, European sales dropped by nearly 50% in April.
Meanwhile, Tesla reported a staggering 14% year-on-year-decline in its second-quarter car deliveries, missing its own expectations as nationwide "Tesla Takedown" protests gripped the EV maker and Tesla dealerships dealt with acts of arson fueled in anger over Musk's meddling in U.S. government policies and operations.
Also, Tesla faces rising competition in the Chinese market as other global companies, such as Apple, seek to end reliance on China's hefty manufacturing capabilities.
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Miami Herald
27 minutes ago
- Miami Herald
There's hope again for Pennsylvanians who want recreational marijuana legalized in the state. Maybe
HARRISBURG - Recreational marijuana is back on the table for state lawmakers. But it's still a long way away from being legally sold in Pennsylvania. Adult-use cannabis came the closest it's ever gotten to being legalized in Pennsylvania in May, after the state House passed a proposal to allow state-owned stores to run a burgeoning legal marijuana market that nearby states have said has brought in tens of millions of dollars in additional revenue each year. But a state Senate committee quickly killed the bill, citing opposition from both Democrats and Republicans to the state-store model. Now, lawmakers are trying a different approach. State Sens. Dan Laughlin, R-Erie, and Sharif Street, D-Philadelphia, introduced their own proposal Thursday to legalize recreational marijuana by relying on current medical marijuana retailers to kick off the expansion of the market, while setting aside 15 licenses for small businesses to try to get a piece. The two lawmakers have worked on adult-use cannabis legislation in the past, the culmination of which came together in the bill introduced this week that Laughlin said was "years in the making." Under their bill, anyone in Pennsylvania who is 21 or older would be allowed to possess, consume, purchase, or transport adult-use cannabis. Senate Republicans have broadly opposed legalizing recreational marijuana, though Laughlin has remained a supporter for years. And support appears to be growing, Street said, noting that the bill has bipartisan support in the House and Senate. A similar bill will be introduced in the state House in the coming weeks, said Street, who last week launched his campaign for Congress. "There is legitimate representation and input from all four caucuses in the construction of this bill, and I think that's important to ultimately getting a bill that can get to the governor's desk," Street said. Under the bill, legalization of recreational marijuana would be monitored by a new, seven-member oversight panel of political appointees, titled the Cannabis Control Board, to be led by an executive director and chief medical officer. It would also move the Department of Health's current purview of the state's medical marijuana program to the new board. Senate Bill 120 also would allow nonviolent marijuana offenses to be expunged from a person's record, as well as try to target the benefits of the new industry to "disproportionately impacted areas" by the criminalization of marijuana. Among the other proposals in the 181-page bill introduced Thursday: -Edible forms of marijuana would be allowed to be sold in retail stores, which are currently unregulated in Pennsylvania. -Residents could have two mature marijuana plants at their homes. -Marijuana usage would be banned from all public places, including sidewalks and alleys. -Possession would be limited to 30 grams of cannabis flower, 1,000 milligrams of edible THC, or 5 grams of cannabis concentrate. -The proposal also suggests additional fixes to the state's medical marijuana law, including how employers should handle medical marijuana users in the workplace. Under the legislation, employers cannot fire or refuse to hire someone because they have a medical marijuana card, but can fire them if they are not doing their job properly due to their marijuana usage. They can also drug test if it is seen as necessary for "safety-sensitive positions." Laughlin said in an email that there is "no timetable" on when he will call up the bill for a vote. As the chair of the Law and Justice Committee, he previously fast-tracked the House recreational marijuana bill for a vote, where it ultimately failed to pass the committee and will not be reconsidered. Senate Majority Leader Joe Pittman, R-Indiana, threw cold water on any hopes that recreational marijuana could be legalized as part of this year's budget, which Gov. Josh Shapiro has repeatedly proposed as a new source of state revenue. Pennsylvania's state budget was due by the start of this fiscal year, and is now nearly two weeks late, with no budget deal in sight. In a statement, Pittman said he does not "see a prevailing view for legalization of recreational marijuana within our caucus as part of the current budget." Still, Street said he remains optimistic it could be part of this year's budget, or next year's. He pointed out that the state would receive approximately 25% of the funds generated by the licensing and sale of marijuana, which he said could help fund Pennsylvania's mass transit systems, as SEPTA and other agencies face a fiscal crisis. "Realistically, we need more revenue, and this is a good alternative," Street added, in reference to the state's $5.5 billion budget gap. Even boxing champion Mike Tyson, who in April was named CEO of a Las Vegas-based cannabis company, chimed in to voice his support of the bipartisan effort to legalize recreational marijuana. "Encouraging to see the PA GOP introduce a rec bill today," Tyson wrote on X Thursday. "This bill would ensure that PA residents have access to safe, tested cannabis as opposed to the unsafe, untaxed pesticide laden stuff the illicit cartel operators are selling." The Laughlin-Street proposal would also allow the behemoth multistate operators that control much of Pennsylvania's medical marijuana market to continue to do so, though the legislation would limit the number of storefronts a single company can have to 24. The medical marijuana industry broadly praised the bill on Thursday as one "poised to create thousands of jobs" that "ensures equitable access," according to a news release from the Pennsylvania Cannabis Coalition. Meanwhile, opponents of adult-use cannabis quickly rejected it. "Lawmakers should prioritize the public health and safety of Pennsylvania families, not hand over our children and neighborhoods to the marijuana lobby," said Dan Bartkowiak, chief strategy officer at the ultraconservative Pennsylvania Family Council, in a news release. Laughlin can call up the bill for a vote in his committee at any time, though sweeping policy changes or new revenue generators are usually negotiated as part of a final budget deal, Street said. _____ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Miami Herald
27 minutes ago
- Miami Herald
Trump Gets ‘Ratioed' on Truth Social for First Time Amid Epstein Backlash
President Donald Trump's weekend post defending Attorney General Pam Bondi's handling of the Jeffrey Epstein files has triggered an unprecedented backlash, marking the first time the Republican has been "ratioed" on his own social media platform, Truth Social. The term "ratioed" refers to when a social media post receives more replies than likes or shares, often signaling more disagreement or criticism than support. In his Saturday evening post, Trump lashed out at those criticizing Bondi, calling her performance "FANTASTIC" and dismissing the ongoing interest in Epstein as a waste of time. "We're on one Team, MAGA, and I don't like what's happening," the president wrote. "Let's not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about." The post—lengthy, defensive, and directed at his own base—appears to have backfired. According to public engagement data archived from Truth Social, the post has garnered more than 36,000 replies, compared with nearly 11,000 re-truths (the platform's term for shares) and 32,000 likes as of 10:45 a.m. ET Sunday. The backlash on Truth Social reflects growing internal division among MAGA supporters, many of whom have spent months anticipating revelations from the so-called "Epstein Files." Unlike mainstream social media platforms, Truth Social was designed as a haven for Trump and his supporters, where engagement overwhelmingly leans positive. The internal rift appears to stem from growing frustration over unfulfilled promises related to the Epstein case. Trump and several of his allies had long suggested that secret documents, including a so-called "client list," would be released under his administration. Bondi had previously claimed to possess such a list. But last week, the Justice Department announced that no list exists and reaffirmed that Epstein acted alone, dying by suicide in jail in 2019. The anticlimactic conclusion and the administration's refusal to release further files sparked fury from parts of Trump's base, especially activists and influencers who had built expectations around broader revelations. At the Turning Point USA Student Action Summit in Tampa this weekend, chants calling for Bondi's resignation could be heard. Trump's post defending her appeared to be a direct response to that dissent, but it only fueled it further. A user called Mother Rosie wrote: "This statement breaks my heart, Mr. President. I have four daughters, and live in Texas, where families lost little children. I can't even begin to comprehend the flipped narrative that 'it was so long ago' 'why are we still talking about this' and 'nobody should care.' These victims were some ones daughters, sisters, nieces, granddaughter. Someone's child. Please reconsider, sir. I voted for everything you are doing! Accountability was not something negotiable." Another woman, Crissy, who can be seen wearing a Trump-supporting beanie in her profile picture, said: "We want the ELITE PEDOS exposed! You promised us that. Pam promised us that. Kash promised us that. Now it's OUR fault bc we want that promise fulfilled and call Pam out every time she lies? What else has she lied to us about?" A third user, Dewayne Sykes, said: "This is going to cost you so many supporters. I being one of them." There will still some people speaking out in support of Trump in the comments, including from Navy veteran known as Robby F, who said: "We all want to know. But President Trump only has the evidence that these criminals left for him to find. If he gets his hands on anything that's useful, we will know." The data comes from an open-source GitHub repository which scrapes and stores all of Trump's Truth Social posts along with public metrics including reply count, like count, and re-truths. Using this dataset—which includes over 1,000 posts since 2022—Newsweek applied a filter to identify any posts where the number of replies exceeded both likes and shares. Only one post met that condition: the July 12, 2025 post defending Pam Bondi. Other posts in the archive occasionally drew large reply volumes, but in every case until now, likes or re-truths outnumbered them. This post represents the first—and so far only—time Trump was publicly rebuked by more of his own followers than supported him. FBI Director Kash Patel wrote on X on Saturday afternoon: "The conspiracy theories just aren't true, never have been. It's an honor to serve the President of the United States @realDonaldTrump—and I'll continue to do so for as long as he calls on me." Far-right political activist Laura Loomer on Saturday wrote on X: "President Trump says he thinks Blondi [sic] is 'doing a Fantastic job' as AG in a post he posted on Truth Social today...." Charlie Kirk, conservative founder and president of Turning Point USA, wrote on X: "President Trump on the Epstein Files, says he supports Pam Bondi at AG, the files are untrustworthy and created by Comey and Brennan. He wants his Justice Department focused on the voter fraud, the rigged election, ActBlue, and arresting thugs and criminals." While Trump used his Truth Social post to try shift focus away from the Epstein controversy, his followers seem unconvinced. The administration now faces the challenge of reuniting a fractured base ahead of the 2026 midterms elections. 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Miami Herald
29 minutes ago
- Miami Herald
Democrat Ro Khanna Demands Vote To Release Full Jeffrey Epstein Files
Representative Ro Khanna (D‑CA) has announced plans to force a vote in the House of Representatives demanding the full, unredacted release of all documents related to disgraced financier and convicted sex offender Jeffrey Epstein. In a post on X, formerly Twitter, Khanna said he will introduce an amendment this week that would require the House Speaker to bring the measure to a roll-call vote, putting every member of Congress on the record. Newsweek contacted Khanna's team via email and House Speaker Mike Johnson via online form for comment outside of usual working hours on Sunday. As reported by Newsweek, Epstein, who died in prison six years ago while facing sex trafficking charges, had maintained close ties with numerous high-profile figures around the world. Though his death was officially ruled a suicide, speculation has persisted for years that he may have been murdered to prevent the release of a so-called "client list," a roster some believe could implicate prominent political figures, including President Donald Trump, former President Bill Clinton, and the U.K.'s Prince Andrew. After being accused of sexual abuse connected to the Epstein scandal, Prince Andrew denied all accusations against him and resigned from royal duties in 2020. Clinton maintains that he did not have any contact with Epstein after the financier was accused of sex crimes, and never visited his now-infamous private island of Little St. James in the U.S. Virgin Islands. The controversy was reignited last month when billionaire Elon Musk alleged, in a since-deleted social media post, that the government had withheld Epstein-related records because "Trump is in the Epstein files." The president dismissed the claim, saying he "had nothing to do with it," but it sparked further interest in the government's records. Trump has denied any wrongdoing in connection with Epstein, although they were known to have interacted in social and professional circles in the early 2000s. The former president distanced himself from Epstein after the financier admitted soliciting prostitution from a minor in Florida and was sentenced to 18 months in prison in June, 2008. During his 2024 presidential campaign, Trump pledged to make Epstein-related files public. A partial release occurred in February, overseen by Attorney General Pam Bondi. But earlier this week, both Trump and Bondi announced that their investigation had turned up "no incriminating 'client list,'" prompting sharp criticism from Democrats, and even backlash from some of Trump's own MAGA supporters who had anticipated deeper revelations. A memo, first reported by Axios, said investigators found "no incriminating 'client list'" and "no credible evidence ... that Epstein blackmailed prominent individuals." It also said video footage from the Manhattan jail where Epstein was being held when he died supported a medical examiner's finding that he had died by suicide. In a TruthSocial post on Saturday, Trump urged others to "not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about." Late Saturday, Khanna posted to his X account: "Why are the Epstein files still hidden? Who are the rich & powerful being protected? On Tuesday, I'm introducing an amendment to force a vote demanding the FULL Epstein files be released to the public. The Speaker must call a vote & put every Congress member on record." The post has since had over 432k views. Khanna's initiative is seen as a way to hold both Congress and the Justice Department accountable, especially as the Department of Justice (DOJ), led by Trump-appointed officials, including Bondi, recently reversed its previous commitment to release more documents. The move is also politically strategic. If Khanna's proposal is accepted, it would force a House vote on releasing the full Epstein files, allowing the public to see how each representative stands on the matter, with many praising it as a savvy political move that puts pressure on those trying to avoid scrutiny. This comes after months of mounting bipartisan frustration. Though Democrats have led the charge, some Republican voices have also joined the call for full transparency. However, the Justice Department's decision to halt further disclosures has renewed criticism that the agency is protecting politically sensitive figures. Earlier this month, congressional Democrats, led by Rep. Jamie Raskin, called for the release of any documents mentioning Trump. In response to criticism of his proposal on X, Khanna said: "This is about transparency and restoring trust, not partisan politics. The public outcry is apparent. The files should be fully released and can be done so consistent with DOJ principles of protecting victims and the innocent." Even if the measure fails, Khanna's supporters argue it will create a clear public record—either the files will be released, or voters will know exactly who stood in the way. With trust in government transparency at stake, the coming vote could mark a pivotal moment in the long-running Epstein saga. 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