Suing Musk and boycotting Tesla, the fire of DOGE has finally reached Musk
Tesla founder Elon Musk has sparked widespread controversy due to his actions and statements in the political arena, facing public boycotts and protests. Protesters have organized 37 demonstrations across the United States against Musk's policies and remarks, with some even resulting in vandalism of Tesla showrooms. Tesla's stock price has fallen by a cumulative 12% since the beginning of the year
From protests across the United States to vandalism targeting Tesla showrooms, and concerns in the capital markets, Musk is facing significant challenges in his career.
Recently, a series of actions and statements by Tesla founder and CEO Musk in the political arena have sparked widespread controversy, leading to an unprecedented wave of public boycotts against Tesla.
According to the Financial Times, on Saturday, protesters gathered outside Tesla stores across the United States to protest Musk's radical cuts to government spending. Organizers coordinated 37 protests nationwide through social media tags #TeslaTakedown and #TeslaTakover.
From Slogans to Vandalism: Escalation of Protests
Reports indicate that protesters expressed strong dissatisfaction with Musk's actions, such as firing tens of thousands of civil servants through DOGE and obtaining sensitive payment information from the U.S. Treasury. Additionally, Musk's public support for Germany's far-right party and calls to overthrow the center-left government led by Labour Party leader Keir Starmer have further intensified public anger.
Initially, some Tesla owners displayed slogans on their cars saying, "I bought this car before Elon went crazy" to express their discontent. Now, the protests have escalated into more intense forms.
Reports indicate that activists projected images of Musk making gestures similar to Nazi salutes at Tesla's factory in Berlin. Furthermore, incidents of arson and attempted arson targeting Tesla centers occurred in Oregon and Colorado.
Earlier this month, a Tesla showroom in The Hague was vandalized, including Nazi symbols and anti-fascist slogans. The Financial Times reported that Dutch police confirmed they are in contact with Tesla, and the investigation is ongoing, but no arrests have been made.
Edward Niedermeyer, author of "Ludicrous: The Unvarnished Story of Tesla Motors," participated in the protests held in Portland. He believes that since Musk's power does not come from public office elections, boycotting and selling Tesla is the only means to curb his agenda.
The public's boycott sentiment is also reflected in the capital markets. Reports indicate that Tesla's stock price rose after last year's U.S. elections, but since the beginning of the year, its stock price has cumulatively dropped by 12%.
Niedermeyer believes that Tesla is overvalued, its core automotive manufacturing and sales business is deteriorating, and significant losses may force investors to sell, triggering a drop in stock prices and compelling Musk to sell some shares to meet margin call requirements.
Wedbush analyst Dan Ives stated:
"Wall Street is concerned that Musk has spent too much time on DOGE—more than we expected—which has taken away from his time at Tesla."
"In addition, Musk's actions related to DOGE and a stronger alliance with Trump may obviously alienate some consumers, driving them away from the Tesla brand."
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