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Photo: Bill Pugliano/Getty Images

Wall Street analysts are reacting negatively to the Securities and Exchange Commission's fraud lawsuit against Tesla CEO Elon Musk, which sent the automaker's stock sharply lower.

Why it matters: In the past year, Elon Musk has evolved from one of Tesla's biggest assets to one of its biggest risks.

What analysts are saying:

  • Brian Johnson, Barclays: "While Tesla may still have value as a niche automaker, the premium the shareholders have been willing to pay for future founder-driven business optionality is likely to dissipate."
  • Romit Shah, Nomura Instinet (who recently called Tesla "uninvestable"): "We believe that the removal of Mr. Musk as Chairman and CEO could have wide ranging impacts on the company, its brand, and its ability to raise funds."
  • Colin Langan, UBS: "Regardless of the outcome of the lawsuit, we continue to estimate Tesla will need to raise capital in 2019. Technically, Tesla could still raise capital despite the lawsuit against Musk; however, it may be more challenging if investors are concerned about Musk’s ongoing role at the company... Without Musk, investors may no longer be willing to continue funding a company that has never reported an annual profit."
  • David Whiston, Morningstar Research: "We see immense key-man risk for the stock, as Tesla's fate is closely linked to Musk's actions. Should he leave the company, we would not be surprised to see the stock fall dramatically."

Go deeper: Elon Musk throws a Tesla tantrum by refusing to settle

Go deeper

Caitlin Owens, author of Vitals
7 mins ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

1 hour ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools. 

Felix Salmon, author of Capital
1 hour ago - Economy & Business

GameStop as a metaphor

Illustration: Aïda Amer/Axios

A half-forgotten and unprofitable videogame retailer is, bizarrely and incredibly, on the lips of the nation. That's because the GameStop story touches on economic and cultural forces that affect everyone, whether they own a single share of stock or not.

Why it matters: In most Wall Street fights, the broader public doesn't have a rooting interest. This one — where a group of small traders won a multi-billion-dollar bet against giant hedge funds by buying stock in GameStop — is different.