U.S. News Teslas Plummeting Stock Just Hit a Level That Lutnick Said Would Never HappenA NEW LOWUpdatedApr. 7 202511:03AM EDT/PublishedApr. 7 20259:57AM EDTTeslas stock has plummeted to a new low only three weeks after Commerce Secretary Howard Lutnick advised Americans to buy it because itll never be this cheap again. Elon Musks companys shares dropped 10 per cent in early trading on Monday, leveling out at $214.80 down from $235.86 when Lutnick made his remarks. Lutnick, speaking in an interview with Fox News on March 19, called Teslas CEO, Elon Musk, probably the best person to bet on Ive ever met.ADVERTISEMENTI think if you want to learn something on this show tonight, its buy Tesla, Lutnick told host Jesse Watters, urging viewers to put their money in the company of a Trump administration employee. Its unbelievable that this guys stock is this cheap.Elon Musk Photo Illustration by Eric Faison/The Daily Beast/Getty Images/Google The car manufacturer has seen its shares plummet over 40 percent since the beginning of the year in reaction to Musks role in the Trump administration and concerns that Tesla is losing ground to competitors in the electric vehicle market.Musks multiple public fumbles havent helped the companys casethe Tesla owner appeared to give multiple fascist salutes on Election Day and is the face of the Trump administrations DOGE task force that has pressured government agencies into firing staff. Lutnick inferred in the interview with Watters last month that the plunge in Teslas stock price was merely a dip and that when people understand the things hes building the value will rocket again. It is highly unusual for a Cabinet secretary to recommend individual stocks, even more so when the company in question is run by a White House advisor.Commentators were quick to ponder whether Lutnick may have committed ethics violations in touting Tesla stock publicly. If this cabinet secretary himself owns any of the stock hes touting on TV, hes probably committed a serious ethics offense, wrote David Frum, a journalist and former staffer in Republican George W. Bushs White House, in a social media post.Tesla stock as seen on Monday, April 7, 2025. Google If he doesnt own the stock himself, then he probably hasnt broken any laws, but is engaged in a shameful breach of trust with the audience watching.It comes after MAGA billionaire Bill Ackman spectacularly turned on Lutnick on Sunday, claiming that the commerce secretary profits when our economy implodes.The hedge fund billionaire excoriated Lutnick for being indifferent to the stock market and economy crashing and the chaos affecting everyday Americans. Got a tip? Send it to The Daily Beast here.