Billionaire businessman Elon Musk speaks at a town hall meeting at the KI Convention Center in Green Bay, Wisconsin on March 30, 2025.
Scott Olson | NebraskaDailyNews
Tesla CEO Elon Musk said on Sunday that his involvement in the Trump administration could damage the stock price of automakers.
Speaking at a Wisconsin City Hall event, Musk said his role in the so-called government efficiency department (which is pushing for government layoffs) has brought backlash to his electric vehicle company and hurt stocks.
“What they’re trying to do is put a lot of pressure on me, and I think Tesla is going to… stop doing that,” Musk said. Bloomberg News. “My Tesla stock and all the people who own Tesla are about half the shares. I mean it’s important.”
Tesla’s stock has fallen more than 34% so far, and has cut nearly half of the stock compared to its December peak. On Monday, stocks fell another 6% in listing trading.
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Tesla’s stock is trading more than half of its highest level in December.
Musk said the decline in stocks could be a long-term “buy opportunity” ahead of the Wisconsin state Supreme Court election. Musk ran for a conservative candidate and spent more than $12 million in the game, in addition to offering $1 million to two voters at a rally Sunday to sign a petition against “activists.”
The downturn in stocks is not the only sign of public anger at Musk’s political work. Protesters On weekend displays at Tesla dealerships, there were reports of vandalism of vehicles and dealers nationwide.
Musk’s role in politics is not limited to thresholds. He ran publicly with Trump in 2024 and has been attending regularly at the White House since the new administration took over in January. He also regularly comments on many different political topics on social media company X, which he owns.
The rising political image of the CEO shows that Tesla’s core business is slowing down. The automaker’s vehicle delivery fell in 2024, with preliminary data showing that sales fell again early this year, especially in Europe. In a note to clients on Sunday, the investment company positioned its stock target as the stock’s target target and lowered its sales forecast for Tesla.
Musk’s political ties may not be the only reason for Tesla’s struggle. Other U.S. auto stocks have also been working in recent weeks, partly due to high tariffs on U.S. imports and threats of retaliation from overseas trading partners, which adds uncertainty in an industry that is tightly weaved in supply chains in the United States, Canada, Canada and Mexico.
(tagstotranslate) Election (T) Movement (T) Wisconsin (T) Elon Musk (T) Elon Musk (T) Donald Trump (T) Government and Politics
