From protests across the country to vandalism at Tesla showrooms to capital market concerns, Musk is facing major challenges in his career. Recently, a series of words and deeds by Tesla founder and CEO Musk in the political field have caused widespread controversy, causing Tesla to face an unprecedented wave of public resistance.
Protesters gathered outside Tesla stores across the United States on Saturday to protest Musk's aggressive cuts to government spending, the Financial Times reported. Organizers organized 37 protests across the United States using the social media hashtags #TeslaTakedown and #TeslaTakover.
From signs to vandalism: Protests escalate
According to reports, protesters expressed strong dissatisfaction with Musk's actions such as firing tens of thousands of civil servants and obtaining sensitive payment information from the U.S. Treasury Department through DOGE. In addition, Musk has openly supported Germany's far-right parties and called for the overthrow of the center-left government led by British Labor Party leader Schkel. These remarks have further inflamed public anger.
Initially, some Tesla owners expressed their dissatisfaction by putting stickers on their cars saying "I bought this car before Elon went crazy." Now, the protests have taken a more violent form.
Activists reportedly projected an image of Musk making a Nazi salute-like gesture at the Tesla factory in Berlin. Additionally, there have been arson and attempted arson attacks on Tesla Centers in Oregon and Colorado.
Earlier this month, a Tesla showroom in The Hague was defaced with graffiti that included swastikas and anti-fascist slogans. The Financial Times said that Dutch police confirmed that they were in contact with Tesla and that the investigation was continuing, but no one had been arrested yet.
Edward Niedermeyer, author of "Ludicrous: The Unvarnished Story of Tesla Motors," attended the protest in Portland. He believes that since Musk's power does not come from elections for public office, boycotting and selling Tesla is the only way to curb his agenda.
Public resistance is also reflected in capital markets. According to reports, Tesla’s stock price rose after last year’s U.S. election, but since the beginning of the year, its stock price has fallen by 12%.
Niedermeyer believes that Tesla is overvalued and its core car manufacturing and sales business is deteriorating. Major losses may force investors to sell, triggering a decline in stock prices and forcing Musk to sell some shares to meet margin calls.
Wedbush analyst DanIves analyzed:
"The concern on Wall Street is that Musk is spending so much time on DOGE - even more than we expected - that it's taking away from his time at Tesla."
"Additionally, Musk's DOGE-related actions and stronger alliance with Trump clearly could alienate some consumers and turn them away from the Tesla brand."