'Sell your Teslas, dump your stock' — Tesla protests, Musk's tanking popularity hit EV-maker at bad time

Elon Musk’s controversial role in the Trump administration appears to be dragging down the Tesla CEO’s image — and Tesla’s own brand — during a pivotal time for the EV industry.

Over the weekend, hundreds of protesters demonstrated at Tesla (TSLA) dealerships across the country, as well as several international locations. Dubbed “Tesla Takedown” and “Tesla Takeover,” the protests were coordinated by groups like Anonymous on Bluesky (an x.com alternative).

With signs like “Musk is stealing from you,” “Stop Musk’s Coup,” and “Tesla funds fascists,” protesters chanted outside Tesla showrooms from New York City’s Meatpacking District to Boston’s Boylston Street, and even Tesla’s hometown of Austin, Texas.

“Sell your Teslas, dump your stock, join the picket lines,” shouted organizers at the Austin event. “Hurting Tesla is stopping Musk. Stopping Musk will help save lives and our democracy.”

Musk, as head of the newly formed Department of Government Efficiency (DOGE), has been behind massive layoffs of government employees. Many of these dismissals are the subject of lawsuits alleging DOGE and the White House acted illegally with the firings.

Recent surveys show that many voters disapprove of Musk’s actions.

A Quinnipiac poll from late January found that voters oppose Musk playing a prominent role in the Trump administration by a 53% to 39% margin.

“Elon Musk, a powerful and pivotal player in Trump’s inner circle, gets a shaky assessment from voters, with women clearly more critical of him than men,” said Quinnipiac University polling analyst Tim Malloy.

According to a more recent poll conducted by the American EV Jobs Alliance, a bipartisan group examining EV adoption across the political spectrum, EV drivers gave Musk a 35% positive rating, with 42% giving him a negative rating. His standing among female respondents had a deeper split (34% favorable, 43% unfavorable).

Musk going from “EV Jesus” to “MAGA god” is hurting Tesla’s brand image, said Mike Murphy, veteran GOP strategist and CEO of American EV Jobs Alliance, to Automotive News. “Musk has more of a MAGA identity than an electric car identity. He’s a nightmare for the Tesla chief marketing officer because he’s now in the way.”

Case in point: The survey polled likely EV buyers about their brand perception. Among EV competitors Ford, Toyota, and VW, Tesla had the lowest favorable rating (63%) and highest unfavorable (37%).

Tesla’s diminished popularity comes at a time when federal EV tax credits could be cut under the Trump administration, meaning Tesla would have to compete on a more even ground with foreign automakers. The loss of EV tax credits would also push sales lower for the entire EV industry, of which Tesla is highly levered to given its all-EV product portfolio.

Even Tesla employees fear Musk has damaged the company’s brand, as documented in a recent recording of a Tesla staff meeting obtained by the Washington Post. In another portion of the meeting, senior managers apparently indicated Tesla would be better off if Musk resigned.

While Tesla’s official delivery report for the first quarter will come out in early April, Musk’s and Tesla’s sinking brand image is already hitting hard in certain regions.

Germany reported only 1,277 new Tesla vehicles registered in January, down nearly 60% from the same month in 2024, on the heels of Musk’s courting of the country’s far-right AfD party. January sales fell 63% in France, 38% in Norway, and 12% in the UK.

Oppenheimer analyst Colin Rusch said Musk’s foray into politics couldn’t come at a worse time.

“We view Mr. Musk’s political activity and increased regionalization as a potential overhang on TSLA sell-through. We see the biggest risk in CA and the broader EU, where TSLA has seen ongoing declines since the start of 2023,” Rusch wrote last week, also highlighting softening January sales in China and the EU as a concern.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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