Karma is biting back on Elon Musk as a wave of Tesla boycotts hits Wall Street. Tesla stock plunged by 15% on Monday, wiping away any remaining gains it made before election day. The share has plummeted more than 45% since the start of 2025.
Elon Musk’s other ventures are struggling as well. The social media platform X was down all Monday, while SpaceX suffered a steady decline after another failed rocket launch.
The recent plunge in Tesla stock is mostly due to a global Tesla boycott, heavy competition from Chinese electric vehicle companies, and a backlash against Musk’s political affiliations. Tesla’s brand reputation has suffered a massive hit as sales crater around the globe.
Tesla Boycott Grows as Consumers Reject Musk’s Politics
Tesla vehicles have been labeled “Nazi cars,” driving away many environmentally conscious consumers—Tesla’s core customer base. Elon Musk is seen as the face of the Trump government’s slash-and-burn strategy to gut government agencies, fueling the Tesla boycott.
The plunge in Tesla stock is aggravated by a decline in sales, particularly in Europe, because of Musk’s support for far-right parties in Germany and the UK. Canada, a major market for Tesla, has seen a steep decline in Tesla sales after Musk repeatedly called it ‘not a real country.’
Tesla’s ruined brand reputation has led to a major sell-off in Tesla stock and low investor trust. Many owners are also selling their Teslas, as the brand is now seen as an endorsement of Musk’s political views. Singer Sheryl Crow also shared a video on Instagram waving goodbye to her Tesla, captioned, “Time to choose who you align with.”
Trump Blames ‘Radical Left’ for Tesla Boycott
Despite the plummeting Tesla stock, Trump is standing steadfast with Elon Musk. On Monday night, Trump posted on his Truth Social platform, calling Musk “a truly great American” and adding that Musk is putting everything on the line to “help our Nation.”
Trump claimed that the Tesla boycott is orchestrated by “Radical Left Lunatics,” and is an “illegal” attempt at tarnishing the image of “one of the world’s great automakers.” Later in a press conference, Trump announced that he would label violence against Tesla showrooms as “domestic terrorism.”
In a show of support for Elon Musk, Trump announced that he will be buying a brand new Tesla. Musk also posted on X, showing appreciation for Donald Trump’s support during the Tesla boycott.
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