Elon Musk, the world's richest individual and the driving force behind major enterprises such as Tesla and SpaceX, finds himself and his companies under mounting pressure. Tesla shares have experienced a consistent decline over the past five trading days, with a significant drop of over 6% on Tuesday. This downturn follows concerns over escalating competition from Chinese automaker BYD, which is rapidly advancing in AI-enabled autonomous driving technology. In contrast, BYD's shares surged by as much as 8.4% in extended trading after announcing the integration of DeepSeek into its autonomous driving systems.
India's approach to international sanctions on oil markets has also captured attention. Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, emphasized the country's adherence to global rules, stating that India will not circumvent international sanctions. Despite this commitment, Indian refiners have capitalized on discounted Russian oil following Western and G7 energy sanctions, which have limited Moscow's consumer base.
"I've had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that's what we did," – Hardeep Singh Puri
Tesla's current challenges are compounded by investor concerns regarding Elon Musk's focus, as he juggles numerous high-profile roles. Some investors believe Musk's involvement in ventures like his bid for Open AI and participation in the "Department of Government Efficiency" at the White House have diverted his attention from core responsibilities at Tesla.
Ken Griffin, CEO of Citadel, has voiced strong criticism of the United States' trade policies, describing its "bombastic rhetoric" concerning tariffs as a "huge mistake." He argues that such an approach is eroding trust among CEOs and policymakers. Griffin previously warned that tariffs could foster crony capitalism, further complicating global economic dynamics.
While Tesla grapples with its market position, broader financial indices showed mixed results. On Tuesday, the S&P 500 remained mostly stable, the Dow Jones Industrial Average increased by 0.28%, and the Nasdaq Composite saw a slight decline of 0.36%. The pan-European Stoxx 600 index gained 0.23%, marking its second record close for the week.
Looking ahead, the U.S. consumer price index report set for release on Wednesday is poised to be pivotal amid lingering inflation concerns, driven by tariffs and unexpected wage growth in January. This report could influence market movements and economic strategies in the coming weeks.