Tesla’s shares are down 34% YTD amid widespread protests and vandalism
Tesla’s shares have fallen more than 35% so far this year, and the automaker has become the focus of heated protests across the country due to Musk’s involvement in DOGE (Department of Government Efficiency).
On Sunday, Musk said he believed his role in DOGE was affecting Tesla’s share price. He spoke about the matter during a town hall event in Wisconsin, where he has been campaigning in the state’s supreme court election. According to Musk, those who oppose his efforts to slash government jobs under President Donald Trump’s administration have tried to pressure him by going after Tesla.
“What they’re trying to do is put massive pressure on me, and Tesla I guess, to … stop doing this,” Musk said, referring to his work with the Trump White House. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
Tesla’s share price was already down 35.83% for the year before Monday’s market opening, which means that the stock has nearly been cut in half compared to its peak in December. Shares slid another 1.7% on Monday. Despite this downturn, Musk offered some hope for shareholders, calling the price drop a possible “buying opportunity” for people who believe in the company’s long-term prospects.
Musk was in Wisconsin to support a conservative candidate in a closely watched supreme court election. He has contributed more than $12 million on the campaign, in addition to giving $1 million each to two voters at a rally on Sunday for signing a petition against what he described as “activist judges.”
Though Musk’s political influence has come into the spotlight recently, signs of trouble at Tesla had already begun to appear. The electric car maker’s vehicle deliveries declined in 2024, and preliminary figures suggest sales continue to slump this year in key markets like Europe.
Other car manufacturers in the U.S. have also stumbled amid warnings about rising tariffs on imported goods. Potential trade conflicts could disrupt a tightly woven network of parts suppliers spread across the U.S., Canada, and Mexico, causing more problems for an industry still recovering from past supply chain challenges. Tesla’s troubles, then, may be part of a broader challenge facing American automakers.
Yet many see the Tesla case as unique because of Musk’s sudden shift into high-profile politics. Since the Trump administration began in January, Musk has become a familiar face around the White House. He publicly campaigned with Trump in 2024, regularly offers opinions on political matters through his social media company X, and now holds a top seat in DOGE. For critics, this raises concerns about where Musk’s focus lies: on running an electric vehicle firm or serving as a powerful government insider.
Protestors swarmed Tesla’s showrooms on the weekend
Protests escalated on Saturday as anti-Musk activists swarmed Tesla showrooms and service centers. They called it the “Tesla Takedown.” According to the protestors, the goal was to oppose Musk’s political activities and his efforts to slash government spending under Trump.
Musk has already gained access to the highly sensitive information of federal employees. Consequently, more than 277 Tesla locations across the country saw some form of demonstration, though the size of the crowd varied by city.
In states like New Jersey, Massachusetts, Connecticut, and New York, turnouts ranged from a few dozen to several hundred. People held signs reading, “Honk if you hate Elon” and “Fight the billionaire broligarchy.”
In Texas, Musk’s home state, and in Minnesota, Maryland, and other parts of the country, similar protests took place. Social media images showed picketers standing in front of Tesla showrooms, chanting slogans and waving banners.
A small but visible group of counterprotesters also gathered at some locations, voicing support for President Trump and, by extension, Musk. In Dublin, California, across from a showroom where dozens of activists chanted, a few Trump supporters waved American flags.
A bigger protest was observed near Berkeley, where participants claimed that Musk’s ties to the administration were pushing the country in a dangerous direction. “We’re living in a fascist state,” said a retired high school teacher at the Berkeley demonstration. “We need to stop this or we’ll lose our whole country and everything that is good about the United States.”
Outside the U.S., anti-Musk sentiment is also growing. Protesters gathered at more than 230 Tesla sites worldwide, including in European cities like London. Though the crowds there were smaller, the messages were similar. Signs compared Musk to Adolf Hitler and accused him of using a straight-arm salute after Trump’s inauguration. The protest in London drew a handful of Americans living abroad who felt compelled to speak out.
One participant in London held a sign labeling Tesla cars as “Swasticars,” a jarring reference to Nazi Germany. “We just want to get loud, make noise, make people aware of the problems that we’re facing,” said one of the protesters, describing Musk’s alliance with the Trump White House as a risk for democracy.
The Tesla Takedown movement was organized by a coalition that includes people who once owned Tesla vehicles, public figures like actor John Cusack, and some Democratic lawmakers. Rep. Jasmine Crockett from Dallas said on a recent organizing call that she would keep “screaming in the halls of Congress” to highlight Musk’s actions.
On Saturday, Rep. Pramila Jayapal appeared at a protest in Seattle, describing Musk’s role in DOGE as a “dangerous mixing of corporate power and government access.”
A mother showed up to my recent town hall, crying because she was worried about being able to access health care for her new baby.
— Rep. Pramila Jayapal (@RepJayapal) March 31, 2025
This is Donald Trump — breaking institutions, sowing chaos and confusion, and striking fear into Americans.
No matter your politics, that’s wrong. pic.twitter.com/da4FtqZWDv
Some individuals have reportedly set Tesla vehicles on fire, an act that U.S. Attorney General Pam Bondi has condemned as domestic terrorism.
Musk, for his part, has labeled those committing these crimes as “psychos” and asked them to stop. Authorities in Germany are investigating a blaze that destroyed seven Tesla cars early Saturday, though it was unclear if it was connected to the broader protests.
In Watertown, Massachusetts, local police said a black pickup side mirror struck two people at a demonstration outside a Tesla service center. Thankfully, there were no serious injuries, and officials quickly identified the suspect.
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