Jakarta, Indonesia Sentinel — Tesla shares have been plummets in recent weeks, exacerbated by a growing boycott against Elon Musk’s businesses in the United States. The stock has plunged nearly 50% since peaking in mid-December 2024.
According to FX Leaders, Tesla shares dropped almost 9% over a few days starting Friday (March 14). Although the stock rebounded by 4.68% on Wednesday (March 19), it remains far below its early-year levels.
Since January 2025, Tesla’s stock has fallen approximately 45%. As a result, CEO Elon Musk has lost nearly $121 billion from his net worth, largely tied to Tesla’s declining revenue. Several Tesla board members have offloaded millions of dollars in shares over the past few months.
Tesla’s global sales have also taken a hit, with vehicle sales in Germany plunging 76.3% in February 2025 compared to the same period in 2024.
Musk’s Political Involvement Raises Investor Concerns
Tesla’s stock downturn has coincided with Musk’s increasing role in President Donald Trump’s administration, where he serves as the head of the Department of Government Efficiency (DOGE). Investors are growing wary that Musk’s political focus is diverting attention from Tesla’s innovation and operations.
Meanwhile, Tesla’s global sales continue to slide. Chinese electric vehicle (EV) manufacturers such as BYD are gaining traction, offering high-performance EVs at more competitive prices.
The lack of major innovations amid Tesla’s financial struggles has fueled speculation that Musk is too preoccupied with his government responsibilities, eroding investor confidence in the EV pioneer.
Boycott Against Musk’s Companies Intensifies
The plummeting tesla stock happen amid growing crisis faced by Elon Musk as multiple ventures under his control experience mounting challenges. A widespread boycott against Musk-led companies is gaining traction, with Tesla showrooms across the U.S. becoming targets of large-scale demonstrations.
The “Tesla Takedown” movement, which began on February 15, has seen hundreds of protesters gather at Tesla outlets in multiple states.
The boycott stems from various grievances, including Musk’s budget-cutting measures at DOGE, which have led to federal job losses, the elimination of social programs, and efforts to consolidate government agencies. Critics argue that these cuts primarily serve to secure lucrative government contracts for Musk’s businesses.
Musk’s political affiliations have also fueled backlash. His support for far-right parties in Germany, controversial accusations against British politicians, and divisive social media behavior have further alienated segments of the public.
The vandalism of Tesla showrooms is one manifestation of the anti-Musk movement. However, tensions escalated after Attorney General Pam Bondi vowed to prosecute Tesla-related vandalism, and former President Trump labeled the protests “domestic terrorism.” Trump also declared the Tesla boycott “illegal.”
Starlink and X Also Targeted
Tesla is not the only Musk-owned company facing public backlash. Starlink, Musk’s satellite-based internet service, is also under fire.
Starlink, initially celebrated for connecting remote areas lacking broadband access, remains the dominant player in the satellite internet industry. However, growing consumer frustration with Musk’s political stance has led to a surge in cancellations.
According to The Guardian (March 18), many Starlink users have publicly expressed their dissatisfaction and pledged to abandon the service entirely.
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Meanwhile, X (formerly Twitter) was among the first of Musk’s businesses to see a mass exodus of users. The platform has been widely criticized as a tool for Musk to promote Trump’s campaign. Following Trump’s election victory, X witnessed a dramatic decline in engagement, with users flocking to alternative platforms.
Bluesky, one of X’s primary competitors, has benefited significantly from the migration of disillusioned X users. A November 2024 Reuters report revealed that Bluesky gained 2.5 million new users within a week of Trump’s election win, pushing its total user base to 16 million.
The mounting backlash against Elon Musk and his companies underscores the growing intersection between business, politics, and public sentiment.
As Tesla, Starlink, and X face increasing scrutiny and boycotts, the future of Musk’s empire remains uncertain. Whether he can regain investor confidence and public trust or if his political entanglements will continue to erode his influence will be a key storyline in the months ahead.
(Raidi/Agung)
