Worries over BYD and Elon Musk send Tesla shares down

Elon Musk is the world’s richest person, and the leader of Tesla, SpaceX, X, the Boring Company, xAI, Neuralink, the U.S. Department of Government Efficiency as well as a recent group of investors bidding to buy OpenAI.

From a business point of view, Musk’s accomplishments are undeniable. The companies he heads are not only market leaders, but often trailblazers in their field — consider how Tesla kickstarted the electric-vehicle industry or how SpaceX successfully commercialized space flight.

Paradoxically, achieving success too broadly can have deleterious effects. Investors seem to be growing worried that Musk, for all his business acumen, is getting distracted, with his fingers in too many pies. Tesla shares have fallen for the past five trading days, plunging over 6% on Tuesday as Chinese rival BYD appears to be eclipsing the company on AI-enabled autonomous driving.

India’s oil minister says ‘we play by the rules,’ as markets weigh U.S. energy sanctions

India will “play by the rules” and not “go around” international sanctions regarding oil markets, the country’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC on Tuesday at the sidelines of the India Energy Week conference. India’s refiners have been snapping up discounted Russian oil since Western and G7 energy sanctions barred many consumers from Moscow’s supplies. New Delhi has repeatedly defended its purchases as a matter of national interest.

Puri also signaled that the government of Trump’s predecessor, President Joe Biden, had endorsed India’s bolstered intake of Russian oil. “I’ve had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that’s what we did,” Puri said.