Why ChargePoint Stock Plummeted Today
ChargePoint (NYSE: CHPT) stock saw big sell-offs in Tuesday's trading. The electric vehicle (EV) charging specialist's share price closed out the day down 13.6% and had been down as much as 16.5% in the session.
Last Thursday, the Trump administration ordered a halt to state use of $5 billion in funding that had been set aside for the expansion of EV charging networks. States have been adapting to the order today, prompting a significant pullback for ChargePoint stock.
In response to the recent order from the Trump administration, some states have been making moves yesterday and today to halt planned expansions of EV charging networks. On the other hand, some state leaders have raised issues with the legality of the order and stated that canceling the previously apportioned funding would have to be legislated by Congress in order to be valid.
Source Fool.com
