The boycott drove Tesla's share price down 15 percent in a single day, to $479 a share and now around $222 a share.
Shares of Tesla have fallen as the number of people who disagree with Elon Musk's political and social views has increased. This week, on Monday, the company's share price fell by 15 percent and was limited to $222 per share.
Since January 2024, Tesla's share price has been consistently volatile. Although there were occasional ups and downs, since then, the company's shares have fallen by about 44 percent, according to the American media. Tesla's share price reached an all-time high of $479 in December after Donald Trump was set to become president. Since then, the company's market value has lost 700 billion dollars after the price has fallen again.
Tesla CEO Musk's net worth (property) has also declined by $132 billion this year, according to Business Insider. Musk's net worth dropped by $29 billion on Monday alone. As the share price of Tesla fell like this, as well as the number of people who sell Tesla and buy another car or openly call for a boycott, US President Donald Trump himself has announced that he will buy a 'brand new Tesla' to support Musk.
He posted on social media and accused the "radical left" of illegally boycotting Tesla to attack and damage Musk. He also expressed the intention that Musk should not be punished in this way because he is one of the greatest car manufacturers in the world and he is pouring his amazing skills to make America great again. On the contrary, it is common for Tesla drivers in the US to stick logos of other brands on top of their car logos. Tesla vehicles have been started to be 'rebranded' to look like Toyota, Audi, Mazda and other brands.
BBC quoted a stock analyst as saying that the doubt among buyers that Tesla can meet production targets and the decline in sales last year are the main reasons for the company's price to continue to fall. According to analysts, Trump's own tax policies have also worried investors.
Because Canada and Mexico are the main markets for automotive suppliers, Tesla's market has been affected due to the possibility that Trump's tax increase and a possible trade war will affect production and increase prices, according to CNBC journalist Laura Kolodny's analysis.
In an interview with Fox Business on Monday, Musk responded that he has been juggling his business "very hard" with his White House responsibilities. Currently, peaceful protests with placards are taking place in front of Tesla's showroom across America. In Colorado and Massachusetts, there was a fire at Sorum and Tesla's charging station, and six people involved in it were arrested by the police, according to the BBC. Tesla's cybertrucks have been vandalized in some places.
As Tesla's market on the Nasdaq tumbled on Monday, Musk's social media platform X was repeatedly disrupted. This week, his aerospace company SpaceX's large rockets such as Starship exploded. Regarding the Tesla boycott, "The Rolling Stones" magazine mentioned that Musk's politics could be the beginning of Tesla's downfall.
After becoming active in politics, Musk gave controversial statements one after another, in opposition to that, Americans who have purchased Teslas have started to 'rebrand' their Teslas. Tesla, once the undisputed leader in the electric vehicle industry, is now facing serious challenges and competition in the European and other markets while facing such protests in the US.
Many users in the US and Europe who are dissatisfied with Musk's political views and behavior have begun to distance themselves from companies including Tesla in which Musk is openly involved, according to Forbes news. Not only ordinary users but also celebrities have started to decide to distance themselves from Musk. Famous American singer Sheryl Crow has recently announced that she will sell her Tesla and donate the proceeds to National Public Radio.
CNN's famous journalist Alisin Kmerota has also sold her Tesla, and famous Hollywood celebrities like Mark Ruffalo and Leonardo DiCaprio have also decided to stay away from Tesla, the media has mentioned. In the same way, famous celebrities in Europe such as Emma Watson, David Attenberg, Greta Thunberg and others have publicly criticized Musk and Tesla and announced that they will stay away from it.
According to a survey conducted among Tesla Model-3 owners, 21 percent out of 5,000 said that 'not liking Elon Musk' was the main reason for selling the car. 17.8 percent of them stated that 'dissatisfaction with Tesla's brand image was the main reason for selling. Many consumers in various surveys have responded that they feel that Tesla's reputation is being tarnished by Musk's political activities, controversial views and the company's current state.
Tesla's sales have decreased by 45 percent in Europe in January 2025. Tesla's sales have decreased while the overall electric vehicle market has increased by 37 percent. The decline is due to increased competition from Chinese brands such as BYD and Musk's political activities. In Germany, Tesla's sales fell by 59.5 percent, while in France, the decline was even greater, reaching 63 percent.
Tesla's brand image seems to have had a deeper impact after Musk endorsed Germany's right-wing party AfD. Tesla has become so weak that in January 2025, even the Chinese car manufacturer SAIC Motors has sold twice as many cars as Tesla.
According to the European Automobile Manufacturers Association, Tesla could only sell 9,945 units in January. In the same period of the previous year, this number was 18 thousand 161. While the overall electric vehicle market is growing by 37 percent, Tesla's poor performance has reduced trust in the brand, and Musk is clearly the main reason for it, according to a Forbes report. (with agency assistance)
