‘A big red MAGA hat’: The rise of ‘co-president’ Musk and fall of Tesla

Elon Musk’s close political ties with President Trump have caused significant backlash among Tesla’s traditional customer base, leading to a sharp decline in sales and stock value. Tesla’s US sales dropped 7% in 2024, with similar declines in other key markets. The CEO’s political endorsements and controversial comments are eroding the brand’s appeal.

​Elon Musk’s close political ties with President Trump have caused significant backlash among Tesla’s traditional customer base, leading to a sharp decline in sales and stock value. Tesla’s US sales dropped 7% in 2024, with similar declines in other key markets. The CEO’s political endorsements and controversial comments are eroding the brand’s appeal.