Elon Musk’s influence is stirring controversy as his Department of Government Efficiency (Doge), aimed at reducing federal spending, faces backlash. Polls indicate mixed to unfavorable public support for Doge, with a significant number of Democratic voters expressing concerns over Musk’s extensive power. Amid these tensions, Tesla is grappling with the fallout from a growing boycott, impacting both vehicle sales and stock performance.
Tesla's global sales have plummeted, with a notable 76.3% decrease in Germany in February 2025 compared to the previous year. The boycott, partly driven by activists urging the public to sell Tesla shares, has contributed to the decline of Tesla's stock value. A sharp 15% drop on Monday has affected not only the company but also Musk's personal wealth, which decreased by $29 billion yesterday and $132 billion over the past year.
In a bold statement, former President Donald Trump defended Musk against what he described as an orchestrated attack.
"Elon Musk is 'putting it on the line' in order to help our Nation, and he is doing a FANTASTIC JOB! 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,’ in order to attack and do harm to Elon, and everything he stands for," – Donald Trump
The supreme court's 1972 ruling that the First Amendment protects Americans’ right to protest against private businesses adds a layer of complexity to the unfolding events. As car owners continue to sell their Tesla vehicles and shares decline weekly since Trump took office, questions about transparency within Tesla are mounting. Reports of false claims about canceled contracts and grants, as well as concerns over the actual savings achieved by Doge, are fueling skepticism.
Moreover, Tesla board members, including Musk's brother Kimbal Musk, have sold millions of dollars worth of shares recently. This move has intensified scrutiny over Musk's leadership and the decision-making processes within the company.