LOLTesla shares fell early Thursday after Commerce Secretary Howard Lutnick used a TV appearance to urge Americans to buy stock in Elon Musk's car company.
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"I think, if you want to learn something on this show tonight, buy Tesla," Lutnick said on Fox News Wednesday evening. "It's unbelievable that this guy's stock is this cheap. It'll never be this cheap again."
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His recommendation was potentially overshadowed, though, by one of Tesla's most fervent defenders on Wall Street calling the company's situation a "crisis."
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Tesla shares were down about 1.7% in premarket trading Thursday to $231.75.
The stock is down 5% in the last five days, 35% in the last month and 42% so far this year.
"We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly," JPMorgan analyst Ryan Brinkman said in a research note last week.
Lutnick's comments are part of what has effectively become a Trump administration campaign to defend Tesla.
Last week President Trump held a public showcase of Tesla's cars at the White House.
Amid a wave of "Tesla Takedown" rallies at dealerships nationwide, top administration officials have pledged to investigate protesters for domestic terrorism.
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Just hours before Lutnick's comments, Cantor Fitzgerald — the investment bank where he was previously CEO, which is now managed by his sons — upgraded Tesla's stock.
Axios
Tesla could have other problems besides Musk's politics affecting its stock.
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