Tesla stock is plummeting.
Elon Musk’s EV car company had its worst day on the stock market since September 2020. All of Tesla’s post-election gains on the market have been completely wiped out.
Musk broke his silence after the markets closed on Monday.
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“It will be fine long-term,” he said in a reply to a user referencing the biggest single-day drops in Tesla stock history.
While Musk attempts to calm investors, it’s clear that Tesla may very well be in trouble.
Tesla is currently facing a large boycott campaign over Musk’s ties to President Donald Trump and the far-right. Musk’s advocacy for Trump may have been good for his companies in the short term right after the election, but it appears Trump’s presidency has been unpopular so far – at least with Tesla’s potential consumer base.
Musk directly getting involved as a special government employee with the Trump administration’s DOGE has put the Tesla CEO directly involved with dismantling government agencies and programs that many people in the U.S. and around the world depend on.
As a result of all of this, Tesla’s sales have been dropping globally, with dramatic decreases in Tesla purchases as high as 76 percent in some countries like Germany. Tesla owners have been reportedly selling their vehicles to avoid being mistaken as a supporter of Musk’s politics.
Protests have been popping up around the world at Tesla’s showrooms. The situation has been escalating to the point where people are vandalizing Tesla vehicles and charging stations to show their disapproval of Musk.
President Trump is now stepping in to defend Musk and Tesla directly.
On Monday night, Trump declared that activists were trying to “illegally and collusively boycott Tesla,” which Trump called Musk’s “baby.”
“I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American,” Trump said.
Mashable notes that as of Tuesday morning Trump has offered up no evidence that he followed through with his pledge to buy a Tesla vehicle.
As for Musk, he’s spent the day personally thanking his fans, such as conspiracy theorist Alex Jones, for voicing their support for Tesla on his social media platform X.
“I FULLY, 1000 PERCENT SUPPORT DOGE AND I AM BUYING MORE TESLA STOCK!!” posted comedian Rob Schneider.
Musk replied to Schneider with a heart emoji.
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