Former President Donald Trump has labeled the movements to boycott Tesla as unlawful amid ongoing protests in both the U.S. and Europe.
The electric vehicle manufacturer, led by CEO Elon Musk, has experienced a decline in stock value recently, with many attributing this drop to Musk’s close ties with Trump’s administration.
Newsweek has reached out to Tesla for commentary via email.
Importance of the Situation
Upon resuming office in January, Trump established the Department of Government Efficiency through an executive order. Musk, who is at the helm of DOGE, has played a significant role in the administration’s initiatives to decrease government expenditure and trim the federal workforce.
However, the billionaire’s growing influence in government coincides with a global downturn in Tesla sales, leading some observers to speculate that his political moves may be harming the company’s reputation.
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Key Takeaways
Trump addressed the uptick in protests against Tesla on his platform Truth Social, labeling these actions as “illegal and collusive.”
“To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB,” Trump remarked.
Continuing, he stated: “But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the world’s great automakers, and Elon’s ‘baby,’ to attack and harm him and all he represents.”
“They tried it with me at the 2024 Presidential Ballot Box, but how did that turn out? Regardless, I will be purchasing a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American. Why should he be penalized for utilizing his remarkable skills to help MAKE AMERICA GREAT AGAIN???”
Tesla’s stock plummeted by 15 percent on Monday, resulting in a $16 billion loss in a single day and marking it the worst-performing stock in the S&P 500 this year. Musk’s personal wealth, closely tied to Tesla’s stock performance, has decreased by $100 billion since the start of 2025.
Critics of Musk have organized protests outside Tesla locations. A significant protest occurred on March 3 outside a Maryland Tesla site, where anti-Musk graffiti was found on the building.
In the U.K., demonstrators have placed ads featuring a fictitious Tesla model humorously named the “Swasticar,” making reference to Musk’s hand gesture at Trump’s inauguration, which critics claimed resembled a Nazi salute.
Public Reactions
Elon Musk dismissed Tesla’s stock decline, quoting Monty Python during a Fox Business interview: “But look on the bright side! Always look on the bright side of life!”
On January 23, the billionaire reacted on X, formerly Twitter, to accusations of making a Nazi salute: “The radical leftists are really upset that they had to take time out of their busy day praising Hamas to call me a Nazi.”
Next Steps
The stock market remains unstable following Trump’s tariff policies. Musk has affirmed that he will continue as Tesla’s CEO while also leading DOGE.
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