Elon Musk believes his involvement with the Trump administration negatively impacts Tesla’s stock performance.
At a Wisconsin town hall, Musk stated that his position in the Department of Government Efficiency (DOGE), which advocates for significant government workforce reductions, is generating backlash against Tesla and affecting its stock value.
“What they’re trying to do is put massive pressure on me and Tesla, I guess, to… stop doing this,” Musk said, according to Bloomberg News. “My Tesla stock and the stock of everyone who holds Tesla has gone roughly in half. I mean, it’s a big deal.”
The declining stock isn’t the only indicator of public discontent with Musk’s political activities. Protesters gathered at Tesla dealerships over the weekend, and there have been reports of vandalism targeting vehicles and dealerships nationwide.
Musk’s political engagement extends beyond DOGE. He campaigned with Trump during the 2024 election season and has been frequently present at the White House since the administration began in January. He also regularly expresses political opinions on X, his social media platform.
The CEO’s increasing political visibility coincides with apparent slowdowns in Tesla’s core business. Vehicle deliveries decreased in 2024, and early data suggest sales have continued to decline this year, particularly in Europe. Investment firm Stifel reduced its price target for Tesla stock and lowered sales projections in a Sunday client note.
However, Musk’s political activities may not be the sole factor behind Tesla’s challenges. Other U.S. automotive stocks have also struggled recently, partly due to concerns about higher tariffs on imported goods and potential retaliation from international trading partners, creating uncertainty in an industry with supply chains deeply interconnected among the U.S., Canada, and Mexico.
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