Tesla shares slump after the Trump administration’s tax cut announcement

Elon Musk’s Tesla Motors has fallen as a share of the global stock market for the first time in more than a year, amid President Donald Trump’s tax plan to slash the corporate tax rate to 20% from 35%.

Musk’s stock has fallen more than 7% in 2017, but has remained relatively strong since the election.

The company reported first-quarter earnings for the 12 months to March 31.

The earnings report said Tesla is forecast to post revenue of $721m, up from $700m a year ago.

Tesla’s earnings rose to $2.05 a share from $1.95 a share a year earlier, according to a Bloomberg report.

The tax cuts, which were first announced by the Trump campaign on Tuesday, would reduce the top tax rate from 35% to 20%.

The company has struggled to keep up with demand for its cars.

It has said it will sell about 5 million vehicles a year by 2023.

Tesla stock has lost more than 9% in the last year.