Shares of electric vehicle maker Polestar Automotive ($PSNY) plunged 5.45% in Wednesday's intraday trading session, following controversial remarks made by CEO Michael Lohscheller about Elon Musk's politics.
In an interview with Bloomberg, Lohscheller said that Musk's increasing involvement in global political affairs presents an "opportunity" for Polestar. However, investors seem to have interpreted these comments negatively, leading to a sell-off in the company's stock.
Analysts suggest that investors may be concerned that the CEO's focus on politics could distract from Polestar's core business operations and strategy in the highly competitive electric vehicle market. The company's shares have now fallen 11.2% over the past five trading days, underperforming the broader market indices.
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