Tesla’s stock has plummeted to a new low only three weeks after Commerce Secretary Howard Lutnick advised Americans to buy it because “it’ll never be this cheap again.”

Elon Musk’s company’s 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 Tesla’s CEO, Elon Musk, “probably the best person to bet on I’ve ever met.”

“I think if you want to learn something on this show tonight, it’s buy Tesla,” Lutnick told host Jesse Watters, urging viewers to put their money in the company of a Trump administration employee.

“It’s unbelievable that this guy’s stock is this cheap.”

The car manufacturer has seen its shares plummet over 40 percent since the beginning of the year in reaction to Musk’s role in the Trump administration and concerns that Tesla is losing ground to competitors in the electric vehicle market.

Musk’s multiple public fumbles haven’t helped the company’s case—the Tesla owner appeared to give multiple fascist salutes on Election Day and is the face of the Trump administration’s DOGE task force that has pressured government agencies into firing staff.

Lutnick inferred in the interview with Watters last month that the plunge in Tesla’s stock price was merely a dip and that “when people understand the things he’s 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 he’s touting on TV, he’s probably committed a serious ethics offense,” wrote David Frum, a journalist and former staffer in Republican George W. Bush’s White House, in a social media post.

“If he doesn’t own the stock himself, then he probably hasn’t 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.