Tesla Stock Declines Amid Broader Tech Rout and Elon Musk's Controversial Remarks
Tesla stock experienced a decline in premarket trade on Tuesday, mirroring the broader tech rout that has affected the market due to concerns over the pace of Federal Reserve interest rate cuts in 2025. The electric car maker's stock has been closely tied to the actions and statements of its billionaire founder Elon Musk, who has been involved in a series of controversies recently.
Musk's most recent outburst was in response to criticism of the H-1B visa program, which allows US companies to hire skilled foreign workers. In a statement on X, Musk defended the program as vital to America's success, pointing out that he himself came to the US from South Africa on an H-1B visa and that many critical people who built SpaceX, Tesla, and hundreds of other companies were able to do so thanks to the program.
The world's richest man also vowed to "go to war" with the MAGA movement over skilled migrant visas and claimed he would kick out any "hateful, unrepentant racists," marking the latest in a series of provocative statements. Despite this controversy, Tesla stock has jumped around 68% for the year-to-date.
Sangamo Therapeutics Stock Plunges After Pfizer Ends Partnership
Sangamo Therapeutics stock dropped almost 50% in premarket trade on Tuesday in the US following news that pharma giant Pfizer is ending a partnership with the drug developer to make a new gene therapy to treat haemophilia A. Despite the fact that the drug had met its goals in a late-stage trial, Pfizer decided not to continue the partnership.
Sangamo Therapeutics stated that it is assessing "all options" to continue making the drug and plans to file for US and European approval early next year. The move by Pfizer has sent shockwaves through the industry, leaving investors wondering about the future of gene therapy development.
Bitcoin Price Moves Cautiously Higher After Rollercoaster Year
Bitcoin ticked cautiously higher on the final day of the year after a rollercoaster year that saw it smash through previous all-time highs. The largest digital asset by market cap was trading at around $93,800 by mid-morning in London on a subdued day in markets.
Over the last month, the asset has been volatile, heading to all-time highs past the $106,000 mark as markets anticipate US president-elect Donald Trump's incoming pro-crypto cast of advisers. During the election cycle, Trump made several pledges in line with boosting the crypto industry, including building a national bitcoin reserve for the US and sacking the crypto critical US Securities and Exchange Commission (SEC) chair Gary Gensler.
Endeavour Stock Climbs 1.8% After Announcing Share Buyback
Endeavour stock was among the winners of the FTSE 100 on Tuesday, climbing 1.8% after it announced a share buyback. The transaction will involve the repurchase of 15,700 of its ordinary shares as part of its ongoing buy-back programme.
The company stated that it is making the move in order to optimise its capital structure and improve shareholder value. This move has been seen as a positive sign for investors, indicating that Endeavour is committed to returning value to its shareholders.
Conclusion
The stock market has experienced significant fluctuations over the past year, with Tesla, Sangamo Therapeutics, Bitcoin, and Endeavour being among the most notable movers. The controversies surrounding Elon Musk's comments on H-1B visas have impacted Tesla stock, while Pfizer's decision to end its partnership with Sangamo Therapeutics has sent shockwaves through the industry.
Bitcoin's price movement has been driven by market anticipation of US president-elect Donald Trump's incoming pro-crypto cast of advisers, and Endeavour's share buyback programme has been seen as a positive sign for investors. As we look ahead to 2025, it will be interesting to see how these trends continue and what new developments emerge in the world of finance.