Tesla owners and investors once believed the company and CEO Elon Musk were changing the world. Now many are selling their cars and dumping stock.
Musk has sparked protests in front of Tesla stores and service centers in response to his politics. Many owners are affixing bumper stickers on their Tesla vehicles that say things like “I bought this before Elon went crazy.”
Musk’s work with President Donald Trump has been a final straw for many.
Before Musk became the leader of the Department of Government Efficiency, a Trump administration effort to slash federal agencies and regulations, Tesla fans were mostly willing to look past the company’s challenges.
Musk had often promised more than he delivered. Tesla frequently delayed product rollouts. Tesla owners experienced service, software and quality issues with their cars. The company sometimes lost money. And Tesla and Musk were embroiled in controversies, and subject to multiple government investigations through the years.
Today, disappointed fans trying to unload their cars find that used Tesla vehicles have plummeted in value. And investors find that Tesla shares, which reached an all-time high in the wake of the 2024 election, have fallen by more than 20% since the beginning of the year.
While Musk said on the company’s Q1 2025 earnings call that he plans to spend more time at Tesla, and just one or two days a week on government matters starting in May, for many, the damage is done.
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