Source: Andrew Harnik / Getty
Tesla’s stock value has dropped severely in response to Elon Musk’s actions, which have made him a polarizing figure worldwide.
Tech billionaire Elon Musk’s involvement in the workings of the United States government and meddling in other countries’ affairs has earned him severe backlash. His automotive company, Tesla, is also feeling the effects. According to reports, its stock market value hit the lowest it has been since last November, with a single-day decline of 15%. Its NASDAQ rating fell 4%, and its S&P rating fell 3%.
Musk’s net worth also took a major hit. On Monday (March 10), he was valued at $301 billion after losing $29 billion in just one day. While still the wealthiest person on the planet, his net worth since last November has dropped significantly over 30% this year, or $132 billion, according to reports from Bloomberg.
Protesters around the United States and across the globe initiated an ongoing movement against Musk after the inauguration of President Donald Trump, which has been dubbed the “Tesla Takedown.” Musk, appointed by Trump to head the Department of Government Efficiency, otherwise known as DOGE, has been the culprit behind a highly aggressive effort that has seen several agencies’ budgets slashed and some almost completely wiped out with the international relief group USAID as a prime example. He has also voiced support for far-right figures in Germany and the United Kingdom,
Those actions have spurred protesters to take to the streets, protesting at his Tesla dealerships in numbers that have prompted law enforcement in cities like Chicago to physically stand in front of those locations. Some have been arrested at these protests, while there have been investigations of charging stations going up in flames. Social media videos have also shown Cybertrucks and other Teslas after being vandalized. In addition, Tesla owners looking to sell their cars are reporting that their resale value has dropped by $10,000, with models now available for $30,000.
Musk is beginning to show the effects of the pressure. In a Fox Business interview, he stated that he believed he was “doing the right thing” in eliminating government waste and fraud while admitting he was having difficulty running DOGE and managing both Tesla and his rocket company, SpaceX. President Trump has repeatedly defended Musk and did so again in a Truth Social post early Tuesday (March 11), vowing to buy a Tesla and attacking the “Radical Left Lunatics” for “trying to illegally and collusively boycott Tesla.”
Later that afternoon, Tesla’s Model Y and a Cyber Truck were spotted on the White House’s South Lawn as he spoke out against the boycott
Social media, however, is finding joy in the plummeting stock. See the reactions below.
