American Federation of Teachers President Randi Weingarten is challenging Tesla's stock valuation.
The American Federation of Teachers (AFT), the nation's second-largest teacher's labor union, is looking to hit billionaire Elon Musk in his pocketbook by requesting major asset managers to review Tesla's valuation, citing a drastic drop in its stock price.
Newsweek reached out to Tesla and BlackRock by email on Saturday afternoon for comment.
Why It Matters
Tesla hit a peak valuation of $479.86 per share on December 17, 2024, and as of the end of February the stock has dropped to $293.04 per share—a roughly 22.74 percent drop since January 1's valuation. December's stock price was the most the stock has ever been worth, with its previous peak hitting $407.36 per share on November 5, 2021.
In contrast, the Nasdaq Composite value started the year at $19,280.79 and currently sits at $18,847.28—a roughly 2.25 percent drop and slight further fall off from when AFT issued its request earlier this week.
