Tesla has introduced a more affordable version of its Model 3 in Europe, aiming to boost sales amid concerns over Elon Musk’s partnership with Donald Trump and a decline in electric car demand.
Musk, the CEO of the electric vehicle manufacturer, believes that this lower-priced variant, which was rolled out in the US last October, will stimulate demand by appealing to a broader audience.
The new Model 3 Standard is priced at €37,970 (£33,166), NOK 330,056 (£24,473), and SEK 449,990 (£35,859) in Germany. This release comes after Tesla’s successful launch of the affordable Model Y SUV in both Europe and the United States.
While the more affordable Model 3 and Model Y versions forgo some luxury finishes and features found in pricier models, they still provide over 300 miles (480 km) of range.
Tesla’s sales have decreased in Europe as it contends with growing competition from Chinese rival BYD, which became the first company in the area to outpace the U.S. electric car maker earlier this spring.
Additionally, buyer backlash against Musk’s support for Trump’s political endeavors has adversely affected sales across the EU.
Musk, who implemented significant layoffs while leading the Office of Government Efficiency, stepped down in May following disagreements with President Trump regarding the “big, beautiful” tax and spending legislation.
Furthermore, Musk has distanced potential clients through various controversial political actions, including a Nazi salute at Trump’s victory rally, endorsing Germany’s far-right AfD party, and accusing Keir Starmer and other prominent British politicians of concealing scandals related to gang raids.
Critics warn that a new tax on electric vehicles introduced in last month’s Budget could dampen demand in the UK. According to the Society of Motor Manufacturers and Traders (SMMT), UK electric vehicle sales rose by only 3.6% in November, marking the slowest growth in two years.
Mike Hawes, CEO of SMMT, stated: “[This] sustained increase in demand for EVs should be regarded as a wake-up call that we cannot take this for granted. Instead of penalizing drivers, we must seize every chance to motivate them to transition to electric vehicles.”
The Chancellor’s forthcoming pay-per-mile road tax for EVs will impose a charge of 3p per mile starting in April 2028, resulting in an average annual cost of about £250 for drivers.
Tesla has notified the UK government that loosening electric vehicle regulations could negatively impact battery car sales and hinder the achievement of carbon targets, as highlighted in recently disclosed documents.
Elon Musk’s electric vehicle manufacturer also requested “support for the used car market,” as per a government consultation submission acquired earlier this year. fast charging, a newsletter focused on electric vehicles.
In April, the Labor government raised concerns among some electric car manufacturers by relaxing rules known as the zero-emission vehicle (ZEV) mandate. Previously, this mandate aimed to increase EV sales annually, but the new loophole allowed manufacturers to sell more gasoline and diesel vehicles.
Critics argue that a new tax on electric vehicles introduced in last week’s budget may further dampen demand.
Automakers such as BMW, Jaguar Land Rover, Nissan, and Toyota, all operating factories in the UK, expressed in their submissions during the spring consultation that the mandate was discouraging investment, as they were selling electric vehicles at a loss. In contrast, environmentalists and brands focusing primarily on electric vehicles assert that the rules are serving their intended purpose, with no manufacturers expected to be penalized for 2024 sales.
Tesla emphasized that avoiding new loopholes referred to as “flexibilities” was “essential” for the success of electric vehicle sales.
According to Tesla, these changes could “diminish the availability of battery electric vehicles (BEVs), significantly impact emissions, and jeopardize the UK’s carbon budget.”
Prime Minister Rachel Reeves has committed to imposing a “pay-per-mile” charge on electric vehicles from 2028, warning manufacturers of even stricter budgets to come. This could make electric vehicles less appealing compared to more polluting petrol and diesel options. Simultaneously, she announced an extension of subsidies for new electric vehicles, which was positively received by the industry.
Tom Reilly, author of Fast Charge, remarked: “Just as the shift to EVs seemed stable, the Budget has pulled it in two different directions, effectively taking from Peter to pay Paul. If car manufacturers seek mitigation obligations again, Labor will only be held accountable when climate targets are not met.”
Tesla, Mercedes-Benz, and Ford expressed concern about their responses being made public and were only permitted to reply through appeals under the Freedom of Information Act. Several documents were extensively redacted, yet the headline still indicated Tesla’s call for “support for the used car market.” Tesla opted not to comment on whether this assistance would involve subsidies.
Conversely, U.S. manufacturer Ford and Germany’s Mercedes-Benz are advocating against stricter regulations after 2030, which would require them to further lower average carbon dioxide emissions, allowing them to continue selling polluting vehicles longer.
Ford has strongly criticized European governments for retracting support for electric vehicle sales, stating, “Policymakers in various European regions are not adhering to the agreement.” Ford had previously backed stronger goals but has since changed its position.
U.S. automakers also highlighted the risk of being overshadowed by Chinese manufacturers, which “lack a foothold in the UK and benefit from lower costs.”
Mercedes-Benz contends that the UK should lower the value-added tax on public charging, which is equivalent to household electricity, from 20% to 5%, and suggests that a price cap on public charging fees should be considered.
Additionally, Tesla advocated for banning the sale of plug-in hybrid electric vehicles with a battery-only range of less than 160 miles starting in 2030, a rule that would exclude many of the best-selling models in this category.
Ford, Mercedes-Benz, and Tesla chose not to provide further comments.
On Thursday, Tesla shareholders ratified a $1 trillion compensation plan for CEO Elon Musk, potentially granting the world’s wealthiest individual the largest corporate payout in history, contingent on meeting specified targets.
Despite opposition from several notable investors, the compensation framework underscores shareholders’ confidence in Musk’s ability to steer the automaker through an era increasingly influenced by robotics and artificial intelligence.
The results were announced during the company’s annual shareholder meeting in Austin, Texas, where over 75% of attendees voted in favor. Following the announcement, enthusiastic shouts of “Elon” filled the venue.
“Thank you, everyone,” Musk expressed after performing a brief dance alongside the company’s Optimus robot.
Musk emphasized that the Optimus robot, which is yet to achieve mass production, represents both Tesla’s future and humanity’s. He reiterated that it could become the “biggest product ever,” with applications ranging from healthcare to correctional facilities.
“Imagine having a free Optimus that follows you and prevents criminal behavior,” Musk remarked. “We can move away from jail systems. The possibilities are astonishing.”
He previously indicated that he sought a compensation package granting him greater control over the company and “stronger leverage over the robot army” under development.
Musk’s astronomical compensation is comparable to the GDP of entire nations, surpassing that of Ireland, Sweden, and Argentina, and outstrips federal allocations for major government programs.
Critics, including some shareholders, contended that concentrating such power in a single, unpredictable leader overlooks the obstacles facing the company.
“Elon Musk just earned $1 trillion despite setbacks. Sales are declining, safety issues are rising, and his political views may alienate customers. This isn’t true leadership; it’s the world’s priciest participation trophy,” stated the protest group Tesla Takedown.
Should Musk meet the high benchmarks of his salary package, he could become the world’s first trillionaire. This requires Tesla to boost its market capitalization to $8.5 trillion, eightfold its current worth. Additionally, he needs to roll out millions of self-driving cars and humanoid robots, while maintaining substantial revenue over the forthcoming decade.
The compensation goals, which are distributed across 12 tranches, outline a roadmap for Tesla to achieve this monumental market capitalization. If successful, Musk will be eligible to liquidate an additional 12% of his shares after committing to the company for a minimum of seven and a half years. He will also have to help devise a comprehensive succession plan for the firm he has directed for over two decades.
In addition to the shares guaranteed under the 2018 package, the new compensation plan will leave Musk with a 25% ownership stake in Tesla. As of November 5, Tesla’s stock was trading around $450 per share, close to its 52-week high.
Over the next decade, Musk is tasked with delivering 20 million Tesla electric vehicles, securing 10 million active fully self-driving subscriptions, manufacturing 1 million humanoid robots, and deploying 1 million robotaxis for commercial use.
Additionally, Musk must enhance the company’s underlying profits to $400 billion for four consecutive quarters. Tesla’s profit for the third quarter of 2025 stood at $4.2 billion, marking a 9% decline from the previous year.
As of November, Musk’s net worth reached $460 billion, making him the richest person globally. Bloomberg Billionaires Index.
Restoration of Canceled Packages
Shareholders also validated a compensation package for Musk after his 2018 plan was nullified by a Delaware court. The plan, valued at approximately $56 billion, faced challenges from a shareholder who ultimately prevailed. Delaware’s Court of Chancery has twice invalidated Musk’s pay structure.
Following the initial cancellation of his 2018 compensation plan, Musk relocated Tesla’s headquarters from Delaware to Texas. He stated that SpaceX and other corporate headquarters have similarly made the move. In 2024, shareholders once again endorsed the pay package under Texas law.
However, Delaware’s “court of equity” has ruled against one of the largest CEO compensations in modern times yet again. In light of this adverse ruling, Musk expressed dissatisfaction with the state and its activist judge, further fueling an exodus of corporations Delaware lawmakers are attempting to curb through legislation.
“He had a significant platform,” commented Lawrence Hammermesh, a professor emeritus at Widener University Delaware School of Law and a former corporate lawyer. “There seems to be more to this transition than just Musk stirring the pot, but it likely had an impact.”
In assessing whether Musk had excessive influence in securing his 2018 compensation package, Eric Talley, a Columbia Law School professor, noted that the judge found that other “superstar CEOs” like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos had not received comparable incentive-based contracts.
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If Elon Musk can elevate Tesla’s shareholder value to over $8 trillion within the next decade, he may become the world’s first trillionaire.
This is contingent upon shareholders endorsing a revised compensation plan for the company’s “superstar CEO,” as one judge once referred to him. The annual general meeting is set to take place Thursday afternoon in Austin, Texas.
“If Mr. Elon fulfills all performance benchmarks under this principles-based 2025 CEO Performance Award, his leadership will position Tesla as the most valuable company in history,” states the Company Annual Proxy Statement. I take pride in that.
The forward-looking aspect of Mr. Musk’s $1 trillion compensation isn’t the sole matter on the agenda. Shareholders will also evaluate alternatives for compensating Musk the estimated $56 billion still owed from his 2018 compensation plan. Moreover, the company urges shareholders to reject several other proposals, including one advocating for child labor audits. Previous compensation packages have been invalidated twice by Delaware courts, with an appeal pending in the state Supreme Court, and the company aims to ensure Musk is compensated regardless of the ruling.
The road to $1 trillion
The 2025 package encompasses goals beyond merely increasing the company’s market capitalization.
The defined milestones are split into 12 “tranches,” each presenting its own unique objective. The initial milestone, or tranche, necessitates achieving a market capitalization of $2 trillion. The following nine require an additional $500 billion growth, culminating in $8.5 trillion by 2035. Every financial milestone is supplemented by product development prerequisites.
To secure an additional 12% equity stake in the company over the next decade, Musk must also deliver 20 million Tesla electric vehicles, obtain 10 million active fully autonomous driving subscriptions, launch 1 million humanoid robots, and introduce 1 million robotaxis into commercial use. Additionally, he is expected to elevate the company’s profits to $400 billion for four consecutive quarters. Actual revenue for Q3 2025 was $4.2 billion, reflecting a 9% year-over-year decline.
Ultimately, Musk must increase Tesla’s market capitalization from around $1 trillion to $8.5 trillion by 2035. He must also invest in the company for at least seven-and-a-half years and contribute to developing a long-term succession plan. As he amplifies his company’s value, the value of his shares—and his wealth—will consequently rise.
The company noted in its proposal that achieving these milestones “will be extremely difficult and challenging for both Tesla and Musk personally.” Realizing these financial targets would position Tesla to be valued similarly to the combined worth of Meta, Microsoft, and Google’s parent company, Alphabet.
Some believe Mr. Musk is capable of achieving this. He continues making billions, even if he falls short of all the milestones.
Courting a “superstar CEO”
Tesla board chairman Robin Denholm issued a public warning recently, stating that a “no” vote on the 2025 compensation plan could jeopardize Musk’s position as CEO.
In a memo to shareholders, Denholm and board member Kathleen Wilson Thompson acknowledged that Musk “has not received meaningful compensation in eight years,” owing to a legal dispute regarding a prior compensation plan from 2018. They emphasized that Musk’s achievements during the earlier agreement elevated Tesla’s market capitalization to $735 billion.
Should Musk secure a new compensation plan alongside his 2018 package, he would ultimately control over 25% of Tesla shares. As of November 5, Tesla stock was trading around $450 per share, close to its 52-week high.
“We firmly believe that backing this proposal aligns management and shareholder interests for the best outcomes for everyone involved,” stated Schwab. The investment firm emphasized it does not solely depend on Glass Lewis or ISS recommendations.
Simultaneously, Norges Bank Investment Management, Norway’s sovereign wealth fund and Tesla’s seventh largest shareholder, declared its intention to vote against the proposed salary package.
“In line with our stance on executive compensation, we are concerned about total compensation, dilution, and insufficient risk mitigation for key personnel,” stated Norges.
In addition to support from current board members and a surge of messages on Musk’s own social media platform X, other stakeholders have also voiced support for the proposal, with at least three additional investment firms already committed to backing it.
Musk, as Tesla’s largest individual shareholder with over 500 million shares, can technically vote in favor of his own pay structure.
“If controlling shareholders could endorse their own compensation, it would undermine a sense of accountability,” remarked Lawrence Hammermesh, a professor emeritus at Widener University Delaware School of Law and a former corporate lawyer.
Tesla’s new headquarters
Tesla has consistently offered its CEO an incentive-based compensation plan, stipulating specific milestones for stock options.
Nevertheless, the last compensation package established in 2018 faced a legal challenge from a shareholder with less than 12 shares during the lawsuit in Delaware Chancellor’s Court. He prevailed, invalidating and canceling the salary package.
In response, Musk criticized the court and requested Tesla to relocate its headquarters from Delaware to Texas. Musk’s public dissatisfaction with the Delaware ruling is believed to have expedited #DExit, a movement where other major companies, including Dropbox and Meta, contemplate moving their corporate headquarters out of Delaware.
“Elon Musk wields significant influence, which extends into corporate law,” commented Eric Talley, Professor, Columbia University Law School. Delaware’s reputation as a “corporate mecca” remains relatively intact “until 2024, when Elon Musk endeavored to rally support,” he added.
Norway’s sovereign wealth fund has declared its intention to oppose Tesla’s proposed $1 trillion (£765 billion) compensation package for Chief Executive Elon Musk.
The largest national wealth fund stated that it acknowledges “the remarkable value created under Mr. Musk’s visionary leadership” but will vote against his performance-based award.
“In line with our stance on executive compensation, we are worried about the total remuneration, dilution, and the absence of risk mitigation for essential personnel.” “We remain eager to engage in constructive discussions with Tesla on this and other matters.”
The alert from Norges Bank, Tesla’s seventh-largest single shareholder with $17 billion in stock, arrived just two days prior to Tesla’s annual shareholder meeting.
On Thursday, shareholders are expected to vote on an extraordinary incentive proposal that could propel Elon Musk to become the world’s first trillionaire.
If Musk escalates Tesla’s valuation from approximately $1 trillion to $8.5 trillion over the next decade, he would be granted new shares, and his ownership stake would increase from nearly 16% to over 25%.
This would boost the wealth of the world’s richest man to over $2 trillion.
Tesla Chairman Robin Denholm emphasized that this vote is crucial to retaining Musk, 54, as the company’s CEO, stating in a letter to shareholders that the company might lose “significant value” should he depart.
Last year, the Norwegian Oil Fund opposed Musk’s $56 billion compensation plan, which was the largest in U.S. corporate history at the time. Although it was approved by shareholders in June, a Delaware court later rejected it a second time in December.
Nikolai Tangen, the chief executive of the Norwegian fund, had invited Musk and other CEOs to a dinner in Oslo last year, but Musk declined after the fund voted against the $56 billion compensation package.
Text exchanges between Tangen and Musk were disclosed in a Freedom of Information request by Norwegian business magazine DN. The newspaper reported that Musk texted Tangen in October last year: “It’s not often that I ask you for a favor and you say no. Then you shouldn’t ask me for a favor until I do something more than make up for it. A friend is a friend.”
Shareholders are split on the proposed deal, with two significant shareholder advisory firms, Glass Lewis and ISS, both advising investors to reject the $1 trillion package.
Several major pension funds are also against the pay structure, including the American Federation of Teachers and the California Public Employees’ Retirement System, the largest public system in the nation.
Musk, being Tesla’s largest single shareholder, also has a vote on the proposal.
Last month, Tesla’s president stated on the social media platform X, which he acquired in 2022, “Tesla is worth more than all the other car companies combined. Which CEO would want to run Tesla? It wouldn’t be me.”
Even with record-breaking car sales, Tesla’s profits have taken a significant hit in the latest quarter.
A surge in demand for electric vehicles ahead of the expiration of U.S. tax credits has revitalized Tesla’s declining sales figures, enabling the firm to exceed some Wall Street forecasts during its latest fiscal quarter. Nonetheless, it fell short of profit expectations, resulting in a decline in its stock price during after-hours trading.
Tesla’s third-quarter earnings were reported at $0.50 per share, just below the anticipated $0.54 from analysts. The company’s sales, however, surpassed Wall Street’s expectations of $26.457 billion. Operating income stood at $1.62 billion, slightly under the forecast of $1.65 billion, with net income down 37% from $2.2 billion to $1.4 billion.
Deliveries for Tesla in the third quarter saw a notable increase since the beginning of the year. Analysts attribute this rise to consumers rushing to secure electric vehicle tax credits that lapsed at the end of the previous month. The discontinuation of these EV credits, as a result of President Donald Trump’s One Big Beautiful Bill Act, fueled a public rift between Musk and the president and continues to influence the company’s sales forecasts.
In its earnings releases, the company repeatedly highlights its optimistic strides in enhancing AI software and self-driving technology while also mentioning “changes in trade, tariffs, and fiscal policy” as obstacles it is facing.
“No one can replicate what real-world AI can achieve,” Musk stated during a conference call with investors. He also claimed that Tesla’s Optimus robot, which received minimal mention during the earnings call, could potentially be “the largest product ever created.”
“With Optimus and autonomous driving, we believe we can truly create a world without poverty,” Musk asserted. He further introduced a proposed $1 trillion pay package designed to safeguard Tesla from being “isolated” if it develops an “army of robots.”
This earnings report emerges at a critical juncture for both Tesla and Musk, as the CEO seeks investor endorsement for an extraordinary $1 trillion pay package in a forthcoming vote next month. This package depends on Tesla achieving several ambitious milestones, including attaining an $8.5 trillion market cap over the next decade.
So far, two proxy advisory firms have suggested rejecting the extravagant pay package, despite Musk’s substantial support base among Tesla fans and investors eager to please him. Glass Lewis and Institutional Shareholder Services (ISS) provide guidance on how shareholders should cast their votes. As reported recently, they have recommended against the proposed multi-trillion dollar compensation package.
During the investor call this Wednesday, Musk made various claims regarding the future of Tesla’s robotaxi ride-sharing service. He informed investors that the robotaxi initiative—which includes a safety driver in the self-driving vehicle for emergencies—will soon launch in Austin, with plans to remove the driver entirely. Recent weeks have seen major U.S. transportation safety regulators announce: an investigation into traffic safety violations and crashes related to Tesla’s fully autonomous driving technology.
This week, Musk insulted U.S. Transportation Secretary Sean Duffy through a series of posts, including labeling him “Sean Dummy” and sharing calls for his dismissal. Duffy, who also serves as NASA’s acting administrator, indicated Monday that he would resume bidding on contracts for the space agency’s Artemis moon program due to Musk’s SpaceX falling behind schedule.
Shareholders are set to vote on Musk’s $1 trillion compensation proposal during the company’s annual meeting on November 6. Both Tesla and Musk have pushed back against criticisms of the proposal, with the company labeling ISS’s recommendation against the pay package as “baseless and meaningless” in an extensive post on X. Musk hinted in a post on X that he might consider departing from the company if his pay package doesn’t secure approval and accused ISS and Glass Lewis of engaging in “corporate terrorism” during a conference call with investors.
Tesla has experienced a rocky year, marked by heightened competition, the loss of key tax credits, and Musk’s tumultuous leadership. The company reported declines in profits and revenue in the previous quarter. Musk’s political actions, including his prominent role in the Trump administration and promotion of far-right movements, have sparked widespread backlash and fostered anti-Tesla sentiments following a drop in the company’s stock price earlier this year.
While Tesla’s stock has seen significant growth over the past six months, Musk has actively been promoting self-driving taxis and robotics as future income streams. Just last month, he claimed that Tesla’s Optimus robot, a humanoid machine still in development and unavailable for purchase, could eventually represent 80% of the company’s revenue. Musk has made similarly grand declarations about robotaxis populating cities globally, continually extending the timeline for their anticipated rollout.
Recently, Tesla introduced a long-anticipated, more affordable sedan, the Model Y, aimed at improving tepid sales. This new sedan line has faced criticism from some analysts due to its starting prices of $39,990 and $36,990, which are significantly higher than those of lower-priced rivals in China. Consequently, Tesla’s stock price fell shortly after the launch. Additionally, the Cybertruck, which debuted in 2024, has not made a substantial impact on overall sales.
The parents of a teenager, who tragically lost her life in a crash involving a Cybertruck last fall, are suing Tesla. Court documents indicate the incident occurred in a serene town in the California Bay Area, where the vehicle, carrying four passengers, crashed into a tree and ignited.
Only one of the passengers survived the crash.
The lawsuit, lodged on Thursday in Alameda County Superior Court, is brought forth by the family of a 19-year-old college student who was home visiting for Thanksgiving in Piedmont, California, at the time of the accident. The crash happened late on the night of November 27, 2024, as the Cybertruck was speeding, collided with a tree, and burst into flames. The California Highway Patrol Report states that the truck’s electric doors became inoperable during the fire, leaving the four passengers trapped inside.
The lawsuit claims that the design of the Cybertruck’s door handles contributed to the teen’s death. When the power was cut off, the only way to exit through the rear door was to pull a cable located beneath the pocket liner in the door compartment. According to a Bloomberg report, the doors remained locked from outside, making it difficult for rescuers to assist in a timely manner.
Tesla has not responded to requests for comments on the matter.
Roger Dreyer, an attorney representing the family, stated, “The design of this vehicle ultimately failed Christa. There was no accessible manual override or emergency release for her to escape.”
Tesla’s door handles are a signature feature and a source of pride for CEO Elon Musk. As the first production vehicles with such electric handles, they are designed to enhance the car’s sleek appearance. However, this design has drawn criticism from car safety experts and is currently under investigation by the National Highway Traffic Safety Administration.
The lawsuit alleges that Tesla’s reliance on electric door mechanisms has created a significant risk of entrapment. “There have been documented instances where occupants survived the initial crash impact but were unable to escape when the power failed and a fire ensued,” the suit asserts.
Despite receiving a high safety rating in crash tests, the Cybertruck has faced eight recalls since its launch two years ago. Tesla is also embroiled in other lawsuits regarding vehicle safety, including one in Florida, where a judge ordered the company to pay $243 million for issues related to its driver assistance system, Autopilot.
The Tsukahara family’s case is particularly notable as the driver, Soren Dixon, was reportedly under the influence of alcohol, cocaine, and amphetamines during the accident, according to the Alameda County Coroner. Dixon also died in the crash.
On the night of the accident, a friend who was pursuing the Cybertruck in another vehicle witnessed the incident. He rushed to assist and broke the windows of the Cybertruck, managing to rescue one passenger before the flames made it impossible to save Christa.
The lawsuit contends that while Christa did not suffer physical injuries from the impact of the crash, she succumbed to smoke inhalation and burns due to her inability to escape the vehicle.
“Her death was preventable,” stated her parents, Carl and Noel Tsukahara, in a statement. “She was alive after the crash, calling for help, yet she could not get out.”
Elon Musk, the CEO of Tesla, has acquired nearly $1 billion worth of shares in the electric vehicle maker.
Following this announcement, Tesla’s stock surged by over 8% in pre-market trading on Monday.
As Tesla shifts its focus from solely electric vehicle production to becoming a technology powerhouse, the company is racing to achieve ambitious goals in Robotaxis, Artificial Intelligence, and Robotics. By December, Musk held approximately 13% of the company, according to data from LSEG.
On Friday, Musk purchased 2.57 million shares in open market transactions, with prices ranging from $372.37 to $396.54 per share.
Tesla’s shares increased by over 7% on Friday, building on strong gains from the previous session. Despite a year-to-date decline of around 2%, the stock is poised to achieve profits for the third consecutive session if pre-market trends hold steady.
Musk has persistently sought greater ownership interests, enhanced voting power at Tesla, and has threatened to develop AI and robotics ventures outside of Tesla unless he secures 25% voting power.
Earlier this month, Tesla’s board proposed a trillion-dollar compensation package for Musk, even amidst challenges posed by intense competition and declining electric vehicle demand.
On Friday, Robin Denholm, the board chair, downplayed concerns that Musk’s political engagements were negatively impacting sales, asserting that the billionaire had returned to being “front and center” within the company following his time in the White House.
Musk’s political involvement and public disagreements with Donald Trump have placed pressure on the company’s stock this year, raising investor concerns about potential distractions and declines in sales.
Elon Musk might become the first individual to exemplify a significant milestone as he targets ambitious goals set by Tesla, where he holds the largest shareholding, in a plan unveiled by the electric vehicle giant.
In the recent stock market update, Tesla detailed an incentive package that is unparalleled in corporate history, stating, “Yes, I’m interpreting this correctly.”
The company reported that Musk aims to elevate its market value from over $1 trillion today to an astonishing $8.5 trillion over the next decade.
If he achieves this level of growth, the 54-year-old mogul could obtain additional shares in the company, raising his stake from nearly 16% to more than 25%, thus propelling the world’s richest individual’s fortune to exceed $200 billion.
Current estimates of Musk’s net worth vary; however, live rankings from Forbes indicate that the South African-born entrepreneur’s wealth stands at $43.09 billion, while Larry Ellison, co-founder of Oracle, follows with $200 billion.
This filing paved the way for a potential $55.8 billion bonus, linked to a compensation deal that Musk received in 2018, approved by Tesla shareholders.
“Ultimately, this new award aims to build on the successes of the CEO Performance Awards framework established in 2018, ensuring that Elon is compensated solely based on performance and motivating him to steer Tesla through its growth phase,” the company stated.
Tesla noted that the new plan also sets a profit goal of 28 times that of the 2018 scheme, depending on the success of new offerings, such as operating 1 million “Robotaxis” and developing 1 million AI-driven Humanoid Robots.
In defense of Musk’s potential compensation, Tesla noted: “His leadership propels Tesla to become the most valuable company in history.”
The projected $8.5 trillion market value more than doubles the current valuation of Nvidia, the leading chip manufacturer presently recognized as the world’s most valuable company.
Tesla’s sales in Europe dropped by 40% in July, as Elon Musk’s electric vehicle manufacturer confronts stiffer competition from the Chinese company BYD.
In July, Tesla sold 8,837 cars across the EU and the UK, according to data from the European Association of Automobile Manufacturers (ACEA). This is down from 14,769 during the same month last year.
BYD’s car registrations surged to 13,503 last month, up from 4,151 a year earlier. Currently, BYD holds a market share of 1.2%, as reported by ACEA, while Tesla’s share stands at 0.8%.
Chinese automotive brands are actively expanding in Europe, often offering more affordable models. A report by market research firm Jato Dynamics noted that BYD surpassed Tesla in Europe earlier this spring.
In the UK, the government announced on Thursday that Ford would be the first manufacturer to receive subsidies of up to £3,750 for two of its models. An additional 26 models qualify for a £1,500 grant under the new electric vehicle subsidy initiative.
The grant is only applicable to vehicles priced at £37,000 or less, and discounts will be automatically applied at the point of sale.
Transport Secretary Heidi Alexander commented: “We’re making it easier and more affordable for families to transition to electric vehicles, with discounts of up to £3,750 on EVs.”
“Our efforts aim to foster competition in the UK EV market and drive economic growth, job creation, and skill development as part of our plan for change.”
Separately, the Automakers and Traders Association revealed that UK car production increased by 5.6% over the past two months in July.
However, SMMT CEO Mike Hawes described the current market conditions as challenging, citing “weak consumer trust, unstable trade flows, and significant investments in new technologies abroad.”
ACEA has also indicated that in the first seven months of 2025, 1.011 million new battery electric vehicles have been registered, which represents 15.6% of the EU market share.
Hybrid electric vehicle registrations have proven even more popular, with 2.255 million units recorded across the EU so far this year. This increase is largely attributed to growth in the four largest markets: France (30.5%), Spain (30.2%), Germany (10.7%), and Italy (9.4%).
ACEA Executive Director Sigrid de Vries emphasized the need to enhance the European uptake by “continuing to expand public charging infrastructure, lowering charging costs, and ensuring a well-structured incentive program for purchases.”
Tesla investors have filed a lawsuit against Elon Musk and the company for allegedly hiding significant risks associated with the firm’s self-driving vehicles.
The class action lawsuit, which alleges securities fraud on behalf of Musk and Tesla, was submitted on Monday evening. Tesla launched its first public trial of its self-driving taxis in late June close to its Austin, Texas, headquarters. Observations from the test included instances of the vehicle accelerating unexpectedly, rapid braking, mounting the curb, driving against traffic, and dropping off passengers in the center of a busy road. The National Highway Traffic Safety Administration (NHTSA), the main regulatory body for U.S. transportation, is probing the pilot testing of Robotaxi.
Investors claimed that Musk and Tesla systematically overstated the effectiveness and potential of autonomous driving technology, which artificially inflated Tesla’s financial forecasts and stock prices. Following the commencement of testing, Tesla’s stock plummeted by 6.1%, erasing about $68 billion in market capitalization.
Shareholders pointed to Musk’s assurances during the April 22 conference call, where he stated that Tesla was “laser-focused” on launching Robotaxi in Austin that June and claimed that their approach to autonomous driving would enable a “scalable and safe deployment across varied terrains and scenarios.”
Tesla has not responded to requests for comments as of Tuesday. The company’s CFO, Vaibhav Taneja, and his predecessor, Zachary Kirkhorn, are also named in the lawsuit.
The growth of Robotaxis is critical for Tesla as it contends with diminishing demand for aging electric vehicles and resistance to Musk’s political views.
Musk, known as the world’s richest individual, claims that the service will reach half the U.S. population by the year’s end, but he first needs to persuade regulators and the public of the safety of his technology. He asserts that Robotaxi services have expanded into the San Francisco Bay Area, where it was previously based; however, regulations have hindered Tesla from offering paid autonomous rides without a new permit, as reported by the Ministry of Automobile.
On August 1, Florida deputies discovered that 33% of a driver’s liability in connection with a 2019 crash involving the self-driving software resulted in the death of a 22-year-old woman, injuring her boyfriend and incurring damages amounting to roughly $243 million. Tesla plans to contest the driver’s liability and will appeal the decision.
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On Monday, Samsung entered into a contract worth $16.5 billion (£12.3 billion) to produce artificial intelligence chips for Tesla, marking a significant development while Elon Musk was active on social media.
The South Korean technology giant disclosed a partnership with an unnamed client in a regulatory filing. Musk shared details on the platform X.
Musk stated that Samsung will manufacture Tesla’s next-gen A16 chips at its new facility in Texas.
He emphasized, “The strategic significance of this is hard to overstate.”
Back in December, the Biden administration allocated $4.755 billion to support Samsung’s semiconductor manufacturing operations in Texas under the Chips Act. At that time, former U.S. Commerce Secretary Gina Raimondo remarked that this funding would ensure a “steady flow” of chips vital for AI and national security.
In a post on X on Monday, Musk indicated that he had allowed Samsung to assist Tesla in “maximizing manufacturing efficiency” and “expediting” production processes.
He added that the Samsung facility in Taylor, a suburb of Austin, Texas, is “conveniently located not far from my home.”
This agreement is poised to revive projects that have faced significant delays due to Samsung’s struggle to maintain and attract major clients. Ryu Young-Ho, a senior analyst at NH Investment & Securities in Seoul, noted that the Taylor plant “currently has no customers,” making this deal “a logical move.”
In October, Reuters reported that Samsung had postponed shipments of chip manufacturing equipment from ASML, a Dutch supplier, as it had not yet secured key customers. The facility’s opening has already been delayed until 2026.
Samsung is currently producing Tesla’s AI4 chips, which enhance the automaker’s fully autonomous driver assistance system. Taiwan’s TSMC will initially manufacture Tesla’s AI5 chips in Taiwan before moving production to Arizona.
The regulatory filing announcing Samsung’s chip supply agreement did not disclose the client’s identity, citing a request for confidentiality concerning the transaction to be carried out until the end of 2033.
Tesla stocks are poised for a significant decline in the US, as investors worry that Elon Musk might introduce more challenges for electric vehicle manufacturers by potentially launching a new political party.
On Monday, Tesla shares dropped over 7% in pre-market trading, which could erase approximately $70 billion (£51 billion) from the company’s market capitalization at the Wall Street opening.
Should the stocks decrease significantly, Musk’s net worth could fall by more than $9 billion, bringing it down to around $120 billion. According to Forbes, Musk, along with the head of SpaceX, ranks among the wealthiest individuals globally, with a combined fortune of about $400 million.
Tesla’s stock, currently valued at just under $10, is experiencing downward pressure largely due to Musk’s relationships with both the company and former President Donald Trump.
Musk’s staunch support for Trump has sparked consumer backlash, and the unpredictable nature of his relationship with the former president raises concerns about Musk getting sidetracked from his responsibilities, potentially leading to repercussions for the company.
Wedbush Securities analyst Dan Ives pointed out that Musk’s financial involvement in US political parties could deter investors.
“Musk diving deep into politics and now attempting to establish a Beltway is the opposite direction Tesla investors and stakeholders hope he would take at this critical juncture for the company,” Ives noted, adding that there is a palpable “broader fatigue” regarding Musk’s political endeavors.
On Sunday, Trump criticized Musk’s ambitions, labeling the American Party as a “silly” initiative.
Trump took to Truth Social to express his disappointment over Musk’s new direction, stating: “I’m sad to see Elon Musk go to Rails completely.”
Over the weekend, Musk revealed the formation of the American Party on his X platform, declaring: “We live in a one-party system, not a democracy, which is bankrupting our country with waste and graft. Today, the American Party is formed to restore your freedom.”
Tesla has experienced a notable decline in quarterly deliveries, marking its second consecutive year of falling sales as demand wanes, influenced by CEO Elon Musk’s political views and the aging vehicle lineup.
In the second quarter, Tesla reported delivering 384,122 vehicles, a decrease of 13.5% from the 443,956 units delivered the same period last year. Analysts had anticipated deliveries of approximately 394,378 vehicles, based on an average estimate from 23 units by financial research firm Visible Alpha. However, forecasts from 10 analysts over the last month have been revised down to around 360,080 units. Analysts view delivery numbers as crucial indicators for evaluating vehicle sales and production success.
Seth Goldstein, senior equity analyst at Morningstar, commented, “The market is reacting less negatively than previously anticipated as several analysts have lowered their forecasts over the past week.”
This year, Tesla’s stock has fallen by 25%, driven by concerns over brand erosion in Europe, where sales are experiencing the most significant downturn, attributed to Musk’s alignment with right-wing politics and his role in the Trump administration’s cost-cutting measures. Following the public fallout between Trump and Musk in early June, Tesla saw a dramatic loss of about $150 billion in market value. Although there was a partial recovery in stock value the next month, tensions between Trump and Musk intensified amidst discussions of Trump’s expansive tax reforms.
Despite Musk asserting that sales increased in April, Tesla’s delivery dip comes in the context of a steadily expanding global EV market.
Earlier this year, the company revamped its top-selling Model Y crossover to stimulate demand, but the redesign resulted in production delays, leading some customers to postpone purchases while awaiting the updated model.
A significant portion of Tesla’s revenue and profit stem from its core electric vehicle business, while much of its trillion-dollar valuation hinges on Musk’s ambitious projections regarding the conversion of its vehicles to Robotaxis.
Last month, Tesla launched its Robotaxi service in a limited area of Austin, Texas, adhering to several restrictions, including selective invitations and the presence of safety monitors in the passenger seats. Nonetheless, only a handful of pilots were initiated, with around 12 Robotaxis operational. The National Highway Traffic Safety Administration has begun investigating the rollout of Tesla’s autonomous driving services.
The automaker anticipates beginning production of more affordable vehicles and enhancing the Model Y by the end of June.
While the introduction of less expensive models may provide a sales boost, Wall Street projects a second consecutive annual decline in sales. To achieve Musk’s objective of returning to growth for the year, Tesla will need to deliver 1 million units in the latter half of the year, a monumental challenge despite the historically strong sales numbers during this period.
After years of promising investors that millions of Tesla Robotaxis would soon flood the streets, Elon Musk launched a limited driverless car service in Austin, Texas. The rollout faced significant challenges from the start.
The June 22nd debut was met with a barrage of videos from pro-Tesla influencers, who appeared to celebrate the service and showcased their rides. Musk heralded it as a milestone, and Tesla’s stock shot up nearly 10% the next day.
However, it soon became evident that some of the influencer footage painted a troubling picture of an autonomous vehicle that either broke traffic laws or struggled with basic functions. By Tuesday, the National Highway Traffic Safety Administration (NHTSA) had launched an investigation into these incidents and sought Tesla’s input.
If, as Musk boasted on X, this limited deployment is the result of over a decade of work, it symbolizes the complex technical choices and fixations embraced by the world’s richest person in pursuit of fully autonomous vehicles.
Musk framed the idea of a driverless car as integral to the company’s future. This year it experienced a severe decline but he vowed to rapidly expand the Robotaxi service. Nonetheless, this week’s rocky launch suggests Tesla grapples with the technical hurdles that have drawn scrutiny from regulators.
The Robotaxi pilot involved around 10 cars navigating a confined area in Austin, with safety drivers present in the front seats. Additional limitations included restrictions during adverse weather and at nighttime. Influencer rides were priced at $4.20 each, mirroring Musk’s penchant for cannabis-related memes.
“Tesla’s autonomous driving can be deployed in approved locations. There’s no need for extensive mapping or specialized equipment,” the official Tesla account tweeted on launch day. “It just works.”
However, footage from at least 11 rides indicated that the trial did not unfold as flawlessly as Tesla’s promotional materials suggested. In one instance, the Robotaxi failed to make a left turn, veering into oncoming traffic instead, and resolved the issue by driving along a double yellow line. Other clips showed the vehicle allegedly exceeding speed limits.
This footage caught the NHTSA’s attention, with the agency stating they were aware of the incidents and had reached out to Tesla for more details.
Meanwhile, Musk retweeted a pro-Tesla influencer praising the service amidst technical failures and ongoing regulatory inquiries. One tweet shared by Musk featured a video showing a Robotaxi halting for a peacock crossing the road, while another urged followers to “ignore the media.”
“Lidar is lame.”
Musk has long maintained that reliance solely on cameras for autonomous vehicles is the key to true self-driving capabilities. Tesla’s consumer models feature what are termed “Autopilot” and “Fully Autonomous” capabilities, enabling hands-free driving on highways. These systems are supported by numerous external cameras for navigation, maneuvering, and stopping. The Robotaxis use similar software while depending entirely on cameras.
This camera-centric approach starkly contrasts with other self-driving tech firms like Waymo and Zoox, which utilize a combination of cameras and sensors, including radars and lidars. For instance, Waymo’s latest driverless vehicles are equipped with about 40 cameras and sensors, while Tesla’s advanced model for fully autonomous driving employs around 8 cameras. Bloomberg analysis. Lidar and radar are beneficial for detecting obstacles under poor weather and lighting conditions.
Despite lidar’s advantages, Musk argues that Tesla operates without it. “Lidar is lame,” he declared during Tesla’s Autonomy Day in 2019. “Using it in a car is foolish. It’s costly and unnecessary.”
According to Bloomberg, Lidar systems can cost around $12,000 each, whereas cameras are typically much more affordable. Musk contends that camera-only technology mirrors how humans navigate using their vision.
Tesla Faces Lawsuits and Investigations Over Full Self-Driving Mode
Musk’s claims regarding camera-only technology have placed Tesla under scrutiny, particularly following a fatal accident involving drivers using its fully autonomous driving features. The company is currently embroiled in various government investigations and civil lawsuits, asserting that fully autonomous driving suffers from weather-related issues like sun glare, fog, dust, and darkness. There are reports of at least 736 accidents and 17 fatalities linked to this technology. Analysis by the Washington Post.
“Tesla maintains an almost obsessive view of running the system solely on cameras, despite the consensus among experts in the field,” commented Brett Schreiber, a lawyer representing several victims of Tesla’s autopilot failures.
“Anyone following collision avoidance technology since the ’90s understands that radar, lidar, and cameras are the optimal trio.”
Schreiber expressed little surprise at Tesla’s Robotaxi’s shaky development in Austin.
“The real tragedy here is that people continue to be harmed and killed due to this technology,” he said. “And this highlights issues like, ‘Look how cute it is that a car can’t even make a left turn.’
Tesla did not respond to inquiries regarding the ongoing lawsuits, investigations, and crash incidents related to its fully autonomous driving capabilities.
Tesla’s Tactics vs. Waymo’s Approach
The contrast between Waymo’s method of launching commercial autonomous driving services in densely populated cities and Tesla’s approach extends beyond discussions about lidar versus cameras. Waymo is often seen as a frontrunner in the U.S. autonomous vehicle landscape, which has seen its competitors sharply reduced.
There are numerous reasons Waymo has outlasted many of its rivals. Historically, the Google subsidiary dedicated extensive time to mapping urban areas and rigorously testing vehicles prior to launch. For example, in San Francisco, where Waymo first implemented a completely autonomous commercial service, the company had begun mapping and testing as early as 2021.
Initiated as part of Google’s X Research Lab in 2009, Waymo also encountered challenges with self-driving cars despite its cautious, step-by-step city-by-city rollout. Earlier this year, Waymo was compelled to recall over 1,200 vehicles due to software problems causing collisions with roadside objects, gates, and other barriers. Additionally, the NHTSA launched an investigation last year after receiving 22 reports of Waymo vehicles demonstrating erratic behaviors or violating traffic laws.
In contrast, Tesla is still in the trial phase with its service, yet the Robotaxi launch in Austin marks the first time the automaker has deployed its fully autonomous driving technology in real-world conditions. There has been no information disclosed regarding the duration or extent of mapping or testing this technology in Austin.
This launch evokes memories of Uber’s initial attempt at self-driving vehicle ride-sharing services in 2016, which was also conducted without the necessary approval from California regulators. On the very first day of their pilot project in San Francisco, Uber vehicles reportedly ran a red light. They were forced to suspend the service just a week later after the DMV revoked their registration. At the time, an autonomous driving executive at Uber had urged engineers to expedite the process.
Faced with a lawsuit from Waymo regarding its self-driving operations and struggling to stay competitive, Uber sold its autonomous driving division in 2020.
Like Uber, Tesla also did not seek permission to operate its Robotaxi Service in Austin, as Texas has no existing permit process, which is not expected to be established until September.
At this time, it remains uncertain how frequently Tesla plans to deploy its Robotaxi service behind the scenes, but it’s clear that automakers are under pressure to meet deadlines set by Musk.
With the introduction of Robotaxis, Musk has claimed that Teslas will achieve full automation since at least 2016, and he may be approaching the deadlines he has postponed several times over the last decade.
In the UK, sales of new Tesla cars experienced a significant surge of over one-third last month, although electric vehicle manufacturers faced tough competition from China’s BYD and other rivals amidst a political backlash against Tesla’s billionaire CEO, Elon Musk.
In May, Tesla sold 2,016 vehicles in the UK, a decline from 3,125 in the previous May, reflecting a 36% decrease based on data from the Association of Auto Manufacturers and Traders (SMMT).
Conversely, BYD, the Chinese automaker, saw a remarkable 407% increase in UK sales, rising from 596 units last May to 3,025 this year. BYD offers both hybrid and fully electric vehicles and first surpassed Tesla in sales back in January.
So far this year, Tesla has sold 15,002 cars in the UK, which represents a 7.8% decline compared to 16,272 in the same timeframe last year.
This year, Tesla’s sales have decreased in several of its major markets, with political protests impacting some of its showrooms, along with stiff competition from rivals such as BYD.
Overall new car sales in the UK rose by 1.6% last month, totaling 150,070 units. According to SMMT, this marked the best performance since 2021, although it remained 18.3% lower than pre-COVID levels in 2019, with growth seen in just the second month of this year’s upward trend.
Corporate fleets and businesses drove demand, accounting for nearly two-thirds of vehicle registrations, while interest from private buyers dropped by 2.3% for the second consecutive month. While gasoline and diesel vehicle registrations declined significantly—12.5% and 15.5% respectively—the demand for the latest electric models soared, capturing a total market share of 47.3%.
Sales of hybrid-electric vehicles rose by 6.8% to 20,351 units, and plug-in hybrid EVs surged nearly 51% to 17,898. Furthermore, registrations for battery electric vehicles increased by over 25%, now representing 21.8% of the market as carmakers vie for consumer interest.
Colin Walker, the transport director for the nonprofit Energy and Climate Intelligence Force, is involved in the UK’s Zero Emission Vehicle (ZEV) initiative—a series of government regulations aimed at boosting the number of EVs on the roads. He emphasized, “continue doing that, increasing competition between manufacturers, declining prices, increasing sales.”
In terms of EV sales this year, Tesla is reportedly losing its top position to Volkswagen, which has seen a 201% increase in EV sales, according to an analysis by Thinktank New Automotive. Other automakers such as Ford, Renault, and Peugeot are also witnessing substantial growth as they transition to electric vehicles. BYD, the only Chinese maker in the top 10, recorded a 261% increase.
An anonymous collective of activists in Adelaide is persistently opposing Elon Musk’s Tesla from establishing battery factories in residential areas.
Tesla has faced global scrutiny due to Musk’s associations with the Trump administration and staunch protests fueled by beliefs that billionaires often back through his social media channels.
This week, the discontent was palpable in the South Australian capital, a significant distance from Washington, D.C.
Approximately 95% of nearly 1,000 submissions voiced opposition to Tesla’s proposals for recycling showrooms and batteries, as well as repurposing the factory. Many expressed sentiments characterized as “anti-Tesla and anti-Elon Musk.”
To maintain decorum, the local council revised the language in several submissions to clarify references to Musk and Tesla.
“We shouldn’t profit from support. [redacted] Who is openly [redacted]? It’s a salute [redacted]. Humans.”
The world’s richest individual has declared his departure from his government efficiency role, which has often led to chaotic and detrimental consequences, including job cuts and reduced funding for US government agencies. He is now facing challenges related to his businesses, including Tesla, amid declining sales.
Meanwhile, in Adelaide, the Marion City Council has moved past community disagreements and approved the factory project for further progression, pending state government approval. The council indicated that the project is expected to inject millions of dollars into the local economy.
Nevertheless, the protest group “Tree Not Teslas” remains committed to their cause.
Environmental organizations and others opposed to the Tesla project argue that the trees designated for removal to clear the construction site are irreplaceable. They also hold Musk personally accountable.
“Neon,” a member of Tree Not Teslas, chose to remain anonymous out of fear of retaliation, partly because the group identifies as a collective.
He noted the group’s traction has been “extraordinary,” and their website has attracted thousands of visits, though he admitted it is hard to gauge their overall impact.
Neon stated that the fight will persist as the state government weighs the council’s proposal to reclassify the site as community land.
“We’re going to push it further. We have to take action regarding the state government,” Neon declared.
“We’ve raised awareness and are encouraging more people to get involved. This issue extends beyond just Congress; it’s a fundamental matter for the state.”
He emphasized that their campaign primarily aims to safeguard the trees on the site. “… Our central focus is on preserving the green space,” he clarified.
“We are indeed advocates for electric vehicles and green energy.
“However, the industry that obliterates green spaces… is ironically labeled as ‘green.’
The council has asserted that the area has been inaccessible to the public since 2016 due to pollution. Neon countered, claiming the trees are vital for restoring the land.
Neon also echoed comments made by Councillor Sarah Lascomb, who opposed the proposal, arguing that the factory’s plans to recycle or reuse Tesla batteries do not cater to the needs of most consumers who use different brands.
The ongoing debate centers around electric vehicle batteries, with the possibility of recycling Powerwall batteries at the site.
Guardian Australia reached out to Tesla for a statement.
Neon mentioned that the council voted 8-3 in favor of seeking state government approval, despite community pushback that made the public consultation process feel like a formality.
Mayor Chris Hannah stated that the project would generate jobs and revenue for the community, asserting that Tesla would establish operations elsewhere if not in Marion. According to Hannah, Tesla has committed to preserving the most significant trees and replanting more than necessary.
Neon argued that replacing established trees with seedlings minimizes their ecological benefits.
Premier Peter Malinauskas indicated that the state welcomes significant industrial development and is reluctant to oppose Musk, emphasizing that it’s “his prerogative.”
A spokesperson for the state government stated that they appreciate investments in South Australia and job creation, and will indeed consider the proposal.
In March, following a significant decline in Tesla’s stock price, Elon Musk informed employees that he was “committed to inventory.”
Robin Denholm, the chair of Tesla’s board, appears to have disregarded this advice. According to an analysis by Securities Filing’s New York Times, she has profited $180 million from selling Tesla shares she obtained through her board role within the last six months.
With this, her total earnings from Tesla stock sales exceed $530 million since she became chair in late 2018.
These stock transactions have raised questions regarding Denholm’s confidence in Tesla’s future. Her recent sales, executed under a pre-established trading plan created last summer, coincided with Musk’s demanding involvement in the Trump administration. Consequently, Tesla’s car sales have experienced a decline as Musk’s political endeavors alienated some customers. The company’s profits for the first quarter of 2025 plummeted to their lowest level in four years.
Denholm has the right to purchase stocks through stock options granted by Tesla from 2014 to 2020, which have dramatically increased in value. For instance, last week, she acquired over 112,000 shares at $24.73 each and sold them the same day for upwards of $270.
“To discard her inventory does not send a message that this is a board chair invested in the company’s future,” stated New York City Director Bradlander, overseeing the city’s five public pension funds, which held more than 3 million Tesla shares valued at around $817 million as of March.
A spokesperson for Denholm asserted that Tesla compensates its executives in a manner “fully aligned with shareholder interests.”
“The appreciation of Tesla’s director’s choices reflects the company’s superiority over its industry peers, yielding distinctive returns for shareholders who own the company,” he added.
Stock options, which have historically constituted the bulk of Tesla’s compensation, are valuable only if the company’s stock price appreciates. Those exercising options to acquire shares may choose to sell or retain their new shares.
Denholm has sold over 1.4 million Tesla shares while retaining 85,000 shares and approximately 49,000 stock options. Comparative Methods, a consulting firm, has scrutinized the compensation strategy. Her most recent stock transactions occurred under a plan initiated in July shortly after Musk endorsed Donald J. Trump for president.
Regulatory frameworks allow executives and insiders to engage in such transactions without disclosing numerous plan specifics, including their motivations or the terms for stock disposal. They also possess considerable latitude to rescind plans.
Denholm, an experienced technology executive from Australia, typically maintains a low profile and avoids public commentary on Tesla or Musk. She joined the Tesla Commission in 2014 and became chair after Musk stepped down in 2018 as part of an SEC settlement.
Criticism from investors, activists, and Delaware judges has arisen regarding her and other board members for not serving as a check on Musk’s influence, with assertions that the Tesla director has failed to keep him focused on the company.
“Musk operates as if there were no board oversight,” wrote Delaware Chancery Court Prime Minister Catalyne St. J. McCormick last year, noting the case was valued at approximately $56 billion when ruling in favor of shareholders contesting Musk’s 2018 compensation package. Judge McCormick characterized Denholm’s oversight of Musk as “Rakkadichal.”
Tesla’s appeal against the decision led to the annulment of Musk’s pay package, with Denholm actively disputing Judge McCormick’s allegations.
In the trial concerning Musk’s compensation, Denholm characterized her earnings from the Tesla board as “life-changing.” Compensation at Tesla was also scrutinized in another lawsuit in which Denholm and fellow board members reached a settlement in 2023.
Musk, who has been a part-time CEO of Tesla for years, has assumed even more responsibilities over time, regularly engaging with Washington and orchestrating President Trump’s strategies to reduce governmental spending and oppose federal employees.
Recently, Musk stated he would reduce his Washington presence by one or two days each week. Nevertheless, his focus will remain divided as he manages several other enterprises, including SpaceX and X, the social media platform he owns.
The first transaction based on Denholm’s recent trading plan occurred in November, shortly after the presidential election, as Tesla’s stock began to rise. In December, the stock reached a new high, and she continued to sell until early May, even as prices declined amid consumer backlash against Musk’s political activities.
Following recent losses, the stock has decreased by approximately 34% from its peak.
Musk acknowledged Tesla’s challenges during a March meeting with employees. “If you read the news, it feels like you understand.”
He reiterated his advice to employees not to sell their shares, asserting that Tesla will evolve into the world’s most valuable company through the realization of self-driving taxis and advanced robotic technologies. “The future is exceptionally promising,” he stated.
Denholm’s sales have significantly outpaced those of other Tesla board members.
In 2023, she and other current and former board members agreed to a settlement for shareholder lawsuits concerning their compensation, collectively agreeing to return $735 million. They denied any wrongdoing. Additionally, on May 1, a stock option valued at over $130 million was canceled to fulfill Denholm’s obligations, according to securities filings.
Following the lawsuit in June 2021, the board resolved to relinquish the new stock grants.
During the same period, Denholm also made more from selling company shares than other corporate committee leaders. The Times assessed stock sales made by chairs of the most valuable companies in the U.S., distinct from the executives of those companies, like Denholm.
The next non-executive chair who benefited significantly from selling shares in his oversight capacity is Stephen Hemsley of UnitedHealth Group. Since November 2018, Hemsley has profited over $100 million from UnitedHealth shares, all accrued during his tenure as CEO of the healthcare firm.
UnitedHealth reviewed the findings but refrained from commenting. On Tuesday, the company announced its decision to appoint Hemsley as its new Chief Executive while also retaining the chair position.
Sales carried out by executives and directors often predict subpar performance from the companies they lead, according to various academic studies.
Leaders like Denholm possess access to confidential information and a profound understanding of how broader economic factors can impact corporate performance. Nejat Seyhun, a finance professor at the University of Michigan, observes that this can render their transactions particularly lucrative.
Insiders “establish plans when they hold such information,” remarked Professor Seyhun. “If circumstances shift, they can easily rescind those plans.”
Tesla has refuted claims that its board sought to replace Elon Musk as CEO in response to backlash over his right-wing views and decreasing vehicle sales.
Robin Denholm, chair of the electric vehicle manufacturer’s board, stated on Tesla’s social media account on X:
“This is completely inaccurate (and this was conveyed to the media prior to the release of the report). Elon Musk is Tesla’s CEO, and the board has full confidence in its ability to continue executing our ambitious growth plans.”
Tesla CEO Elon Musk. Photo: Evelyn Hockstein/Reuters
Following a report from the Wall Street Journal on Wednesday, “board members” are said to have contacted a headhunter to explore potential successors about a month ago.
This reported action has allowed Donald Trump to influence federal spending as the informal head of the “Doctors of Government Efficiency” (DOGE), amidst rising tensions at Tesla due to Musk’s extensive involvement in Washington.
It remains unclear whether these board members acted collectively or individually in seeking to identify a new CEO. The Tesla Committee consists of eight members, including Elon Musk, his brother Kimbal Musk, and James Murdoch, son of media mogul Rupert Murdoch.
Tesla has faced significant backlash over Musk’s recent political activities, including his public support for actions against Germany’s far-right Alternative for Germany (AfD) party ahead of the national elections in February. Sales of electric vehicles have dropped in some major markets, accompanied by political protests at various showrooms.
Recently, the company reported a 71% decrease in profits for the first quarter of this year, down from $139 billion in the same period of 2024.
Musk informed investors that he would “dedicate significantly more time to Tesla” beginning in May. He is expected to conclude his role at DOGE by May 30, adhering to the 130-day limit imposed on his service as a special government employee.
Concerns have persisted regarding the demands of the Musk era. In addition to Tesla, he manages four other companies, including the space exploration firm SpaceX and the social media platform X, formerly Twitter.
On Thursday, Musk criticized the Wall Street Journal report on X, stating: “It is an ethical violation that @WSJ deliberately publishes false reports and fails to present a clear denial from Tesla’s board beforehand!”
Welcome to opt-out. A semi-regular column that will help you navigate online privacy and show you how to say no to surveillance. The final column covered ways to protect the privacy of your phone and data at the US border. If you would like to skip to a section for specific tips, click on the “Jump to Jump” menu at the top of this article.
When you press the button, Tesla will use a feature called Summon to pull you out of the parking lot that is not behind the wheels. Use autopilot to drive yourself on the highway. Once you arrive at your destination, a feature called Sentry mode allows you to record nearby activities while parked.
To effectively operate any of these functions, your vehicle will need to monitor and collect large amounts of data about you. Most Tesla vehicles are equipped with nine internal and external cameras. Information from Tesla, delivered via location trackers, sensors, and more, can draw complex pictures of your life and movements.
“Teslas is truly a surveillance platform,” said John Davisson, senior advisor and litigation director at the Digital Rights Research Group’s Center for Electronic Privacy Information. “There are some privacy safeguards Tesla offers, which allows you to opt out of data sharing if Tesla actually follows those commitments, at least in terms of settings.”
Tesla does not only collect a substantial amount of data to enable a range of advanced features in the vehicle. Connected cars collect some information to work. Given the role of CEO Elon Musk in the Donald Trump administration, some Tesla owners are renewed interest.
These concerns are not entirely unfounded, according to Reem Suleiman, advocacy director for the Mozilla Foundation, who gave Tesla “no privacy.” Grade year In assessing the data security practices of automobile manufacturers. First, the company’s track record of protecting user data is unstable. 2023, a A Reuters investigation found Employees were sharing sensitive footage shot by the vehicle at the internal messaging forum. a Washington Post Analysis Of the transparency report published by Twitter, after Musk took over similarly, X acquiesced to X’s 20% government demands to remove content in the first half of 2024.
We spoke with privacy experts, consulted Tesla’s privacy policy, and asked Tesla’s own AI chatbot how to share the smallest amount of data with Tesla as much as possible. If you own a Tesla, you should take every precaution you can and in many cases you should take with your vehicle. However, more information: Adjust these settings to shut off access to many of the car’s features to share minimal data with Tesla.
“They say that if you choose to opt out of data collection, your car is essentially lemon,” Suleiman said. “They basically say that your vehicle can reduce functionality, serious damage, or impossibility. So, when you think about it, it’s kind of non-selection.”
Here’s what you need to know about your Tesla vehicle privacy:
What information does your Tesla gather about you?
Tesla’s privacy policy details the wide range of data the vehicle collects. Most of it is stored locally, but will also be sent to the company unless you change your settings.
According to Tesla’s AI chatbot, the information collected with you includes: “Location data (Tesla does not record or store vehicle-specific GPS information except in the case of a crash); driving habits and behaviors (speed, brake patterns, acceleration, etc.); diagnostic and vehicle usage data (Tesla product and services data and voice data and automobile) data (camera records, sensor measurements and other inputs to support advanced safety features).
The good news is that if you opt out of sharing information with the company, you can collect and store data on your vehicle’s local drive. The bad news is that law enforcement agencies have access to data if they get a vehicle in any way during a traffic stop or other situation, according to Davisson of the Electronic Privacy Information Center.
And it’s not just your car that collects information. The Tesla mobile app, which allows you to activate or summon Sentry mode, also collects location, contacts, browsing and device information. Read how to dial back how much your car is monitoring you.
Who does Tesla share your data with?
If you choose to share your data with Tesla, all data it collects may be shared with third parties, including law enforcement. In addition to sharing data with law enforcement when the company receives a valid court order, Tesla also shares data when it is “essential to protect national security or public safety,” according to the company’s privacy policy. Davisson says the language is ambiguous and opens the door to sharing video footage with law enforcement for many reasons. Recently, for example, the FBI has classified vandalism in Tesla vehicles and showrooms as “.Domestic Terrorism”.
“It’s a very short hop to think of immigration enforcement as a security issue that requires constant sharing, especially now, when everything is clearly a national emergency.Davisson is in real-time footage of ice and other law enforcement officers. “And that’s a horrible situation.”
So how do you protect your data?
Consider other vehicles
When it comes to privacy, everyone has a different risk profile. Some people may be more concerned than others about who has access to their personal information. Tesla’s exterior cameras can also collect footage of people around the vehicle, so it’s not just your own privacy that you need to be aware of.
If you’re worried about gathering information and don’t have a Tesla yet, privacy experts say you should choose a different car. If you have and want to regain your privacy, sell it. Even Tesla’s AI chatbots gave similar advice.
“If someone is deeply concerned about their privacy, they may consider alternatives such as: choosing a vehicle manufacturer with more restrictive data collection practices than 1 (this may be at the cost of reducing convenient features).
So you already bought a Tesla and you decided to sell it. Suleiman and the Mozilla Foundation strongly recommend that you receive your car in the factory before you do so. This means your car will wipe out all its data, as if it’s off the lot.
“Just because you sold a car doesn’t mean you scrub your data,” Suleiman said. “That requires a bit of due diligence.”
Therefore, before you remove the vehicle from your Tesla account, you will need to factory reset your vehicle from your vehicle’s settings. Sit in the driver’s seat and follow these steps:
1 Go to Controls > Services > Factory Reset.
2 Enter your Tesla account username and password to confirm your credentials.
3 Make sure you perform a factory reset.
“This will erase all your personal data, including saved addresses, music favorites, imported contacts, and restore your car settings to factory defaults,” according to Tesla’s AI chatbot. The company also recommends removing “Homelink” devices. This allows you to control things like garage doors, lights, or home security systems from Tesla. You can click the Homelink icon at the top of the Controls screen to go to Homelink Settings and delete connections to other devices.
How to share the minimum amount of data with Tesla
In the vehicle and Tesla app settings, you can choose not to share your data with your company. But like I said before, be prepared to lose functionality in your car.
Opting out of data sharing in your car is pretty easy. In the vehicle,[設定]>[ソフトウェア]>[データ共有]Go to. Turn off Allow data sharing. This disables analysis, road segments, diagnostics, and sharing of vehicle usage data. Tesla’s AI chatbot recommended turning off the “Allow Autopilot Analytics” off to stop sharing of autopilot-related data.
Opt out of mobile app locations and data sharing. In the Tesla app, you will be taken to Settings (the button looks like three horizontal lines or gear icons). Next, scroll down to Security and Privacy. after that Select Turn off the location service.click Turn off analytics and stop sharing app usage data with your company. Next, revoke access to your camera, microphone, and contacts.
“By following these steps, you’ll be sharing the minimum amount of data with Tesla, while enjoying the core functionality and functionality of your mobile app,” according to Tesla AI Chatbot.
However, this will affect the functioning of your car. According to Tesla’s chatbots, data sharing affects these features.
Elon Musk’s critics expressed their frustration with Tesla executives and billionaires by wearing protective helmets and wielding sledgehammers.
The Public Art Project was organized by a Social Media Campaign Group. An anonymous donor provided the 2014 Tesla model “to spark a conversation about wealth inequality,” according to a group spokesperson.
Participants gathered at Hades Studios in South London on Thursday to take turns smashing the car with sledgehammers and baseball bats. The destroyed electric vehicle, priced around £14,000, will be auctioned in the coming weeks, with all proceeds going to Food Bank charities.
“We are giving Londoners the chance to speak out against far-right ideology and billionaires and voice their concerns about the current state of the world,” the group stated. “The therapy is expensive, but this is free.”
32-year-old writer Talia Dennisenko, draped in the Ukrainian flag, joined Britney Spears in smashing the car’s hood and shared her sentiments about the situation. “My family is Ukrainian and Elon Musk’s intentions towards us are concerning,” she expressed. “Things feel really bleak at this point. This is a form of therapy.”
“Musk’s actions are veering into unconstitutional territory. I am alarmed by what I am witnessing,” added Alice Rogers, a 24-year-old researcher from Illinois.
A spokesman for the anti-Elon group mentioned that the event allowed people to express their views on the current state of the world. Photo: Henry Nicholls/AFP/Getty Images
There is a widespread animosity towards Elon Musk. He recently drew attention for distributing stickers with the message “Don’t buy a Swastistar.” Musk clarified that the London vs. Musk event should not be replicated outside the organized setting.
“This is a private event involving a used Tesla headed for the Scrapyard. It is a controlled, supervised art piece with proper safety measures in place,” the spokesperson emphasized. “We implore individuals not to damage other Teslas or vehicles.”
The scrap car’s battery was safely removed and recycled.
“I am appalled by the current state of affairs in America,” expressed 45-year-old university lecturer Lee Woods, who traveled from Hampshire for the event. “I believe Musk leverages his immense wealth to push far-right ideologies.”
Protests calling for a boycott of Tesla have been taking place on both sides of the Atlantic Ocean. Photo: Henry Nicholls/AFP/Getty Images
Tesla’s stocks dropped by 13% in the first quarter of 2025, indicating a backlash from buyers due to Musk’s political leanings. Protests advocating for a boycott of electric car manufacturers have been ongoing on both sides of the Atlantic in recent months, including global actions targeting numerous Tesla outlets by US Tesla Takedown protesters.
“My view on Musk,” shared 32-year-old Giles Pearson, who participated in the event, “I don’t usually do this, but I have always wanted to smash a car.”
Tesla has halted orders in China for two models previously imported from the US in response to the imposed tariffs due to Donald Trump’s trade war.
The company, led by Trump’s close ally Elon Musk, has removed the “Order Now” option for the Model S Saloon and Model X Sport Utility vehicles.
The reasons for these changes were not disclosed by Tesla, but they coincide with the escalating trade tensions between the US and China. As a result of the tit-for-tat tariff increases, the cost of imported vehicles from the US to China has become significantly higher compared to locally produced cars.
New orders for these models are no longer available on Wechat, a popular Chinese social media platform, according to Reuters. The “Order Now” button on Tesla’s US website for the Model S and Model X has been replaced by “available cars,” with some vehicles being accessible to Chinese buyers.
Since 2020, Tesla has been manufacturing Model 3 and Model Y cars at a large factory in Shanghai, reducing the impact of customs duties. However, the company’s supply chain may still be affected due to the trade tensions between the two countries.
Elon Musk, a key figure in the Trump administration, has been advocating for lower tariffs, which contradicts the policies implemented by Trump. This discrepancy in views could potentially impact Tesla’s operations and sales.
Recently, Tesla warned the US government about the potential negative effects of tariffs on American businesses. This development poses a significant economic challenge for Tesla, particularly in the European market where demand is declining.
Analysts suggest that Tesla, despite its high market value, is currently undervalued and facing a significant crisis that may require Musk to distance himself from the Trump administration.
aOur children moved out, and my wife and I treated ourselves to a new car for our upcoming driving vacation in Europe. We had been driving family cars with the kids for years, but now we wanted something just for us.
To my surprise, she arranged a test drive for my birthday in a Tesla Model S. It was unlike any car I had ever experienced. “Amazing, this is amazing.” It felt like the future with a computer on the steering wheel that constantly updated with new features. However, opinions seem to have changed since then, as Tesla’s sales dropped by 13% in the first few months of the year. There have even been protests against Elon Musk and his actions outside Tesla facilities around the world.
Despite concerns about charging infrastructure, we found Tesla’s network to be exceptional. We traveled all over Europe, even fitting five adults and all our luggage in the car. As someone who wanted to move away from diesel and gasoline, the environmentally friendly electric vehicle was a perfect fit for us.
My political views leaned left, but owning a Tesla was never intended to be a political statement for us. Little did we know how our choices would later become politicized.
Initially, I tried to ignore the negative opinions about Elon Musk, but as his political stances became more apparent, it became harder to overlook. Many Tesla owners also began feeling uncomfortable with the association and started expressing their concerns online.
Protesters demonstrating against Tesla CEO Elon Musk during the national Tesla Takedown Rally outside dealers in Pasadena, California. Photo: Mario Tama/Getty Images
With the growing concerns and price drops in the second-hand market, my daughter suggested selling the Tesla. However, I feel stuck as it has been a perfect fit for our lifestyle in every other aspect. Maybe I’ll consider a European electric car for our next purchase.
The Italian Ministry of Interior has instructed police across the country to step up security at Tesla dealerships following a fire in Rome that destroyed 17 electric vehicles manufactured by Elon Musk’s company.
The Digos, an anti-terrorism force within the Italian state police, is investigating whether anarchists were behind the fire at a Tesla dealership in Torre Angela, a suburb of Rome.
Firefighters spent hours extinguishing the flames early Monday. Drone footage showed a line of charred vehicles in the dealership’s parking lot. Musk referred to the incident as “terrorism” on his social media platforms.
Italy is home to 13 Tesla dealerships managed by the parent company, with most located in cities like Rome, Florence, and Milan.
A source within the interior ministry indicated that they are alerting authorities to the possibility of anti-Tesla protests amidst a global trend of vandalism in response to Musk’s political involvement in the US. Surveillance at dealerships will be increased as needed.
Since Donald Trump’s presidency began, Musk has reduced government employees as part of his “government efficiency” initiative, leading to the establishment of the “Tesla Takedown” boycott movement that started in the US and spread to Europe.
While most protests have been peaceful so far, Tesla dealerships and vehicles are increasingly becoming targets of vandalism. In Germany, seven vehicles were vandalized at dealerships in Ottersburg, and in Sweden, two Tesla stores—one in Stockholm and another in Malmö—were destroyed with orange paint.
Musk has fostered ties with far-right leaders in Europe, such as Italian Prime Minister Giorgia Meloni, who praised him as “a great man.” Matteo Salvini, leader of the far-right league in Italy, expressed solidarity with Musk following the incident in Rome.
“There is unwarranted animosity towards Tesla,” Salvini stated.
Norway is a thriving market for Tesla, with electric cars making up over 90% of new car sales in Scandinavian countries. Buyers in Norway are knowledgeable about batteries, charging, and range, making it a key market for Tesla where sales have remained relatively stable compared to other countries.
Global analysts expect Tesla’s worldwide sales to decline, partially due to consumer backlash against CEO Elon Musk’s involvement in the Trump administration.
Oslo urban planner Geia Rognien Ergbin initially supported Tesla but grew disillusioned with Musk’s political affiliations and data security policies. He replaced his Tesla with a cargo bike and a shared electric Volkswagen.
Tesla’s sales in Norway have declined as consumers look for alternative electric vehicle options. Competitors like Volkswagen, Volvo, BMW, and Chinese manufacturers are gaining ground in the market.
The decline in Norway’s advanced electric car market is indicative of a larger trend globally.
Tesla’s sales are declining due to reliance on limited models and increasing competition from traditional automakers offering diverse electric vehicle options.
Despite Tesla’s previous dominance, other automakers are catching up in technology and market share, impacting Tesla’s sales.
Tesla’s sales in Europe are facing challenges as consumers wait for upgraded models and explore other electric vehicle options. Musk’s political affiliations and controversial statements are also influencing consumer perception of the brand.
Consumer backlash against Musk and Tesla’s association with right-wing politics is affecting sales in Europe, particularly for the Model 3. Competitors are gaining ground in the electric vehicle market.
Some Tesla owners in Norway are feeling embarrassed about supporting the brand due to Musk’s political affiliations. Despite this, they are still using their Teslas as alternatives are not easily available.
Norway’s largest used car dealer has seen an increase in Tesla sales, despite consumer concerns about the brand. The competitive pricing and performance of Tesla cars continue to attract buyers.
Traditional automakers are introducing new electric vehicle models with advanced battery technology, posing a competitive challenge to Tesla. Consumers now have more options in the electric vehicle market.
Anusha Baiya Contributed report from New York Henrik Pryser Libell From Oslo.
Protesters gathered at Tesla showrooms in cities worldwide over the weekend to demonstrate against Elon Musk’s alliance with Donald Trump within the US government. Their main focus was to denounce Tesla’s vehicles. A sign in Manhattan declared, “Burning Tesla and saving democracy.” Demonstrators are leveraging consumer products as a means to impact American political democracy.
Reports from colleagues Dara Kerr and Edward Helmore revealed:
Hundreds of anti-Tesla protesters convened outside the EV Manhattan showroom on Saturday. Sophie Shepherd, 23, an organizer at Planet over Profit, clarified that the protest was not about electric vehicles per se.
“We’re here to protest the ties that essentially linked Tesla’s car show to the White House lawn,” she stated. “Our aim is to disrupt his business in every way possible, including not just CyberTruck but all Tesla models.”
Although the demonstration didn’t draw a large crowd, Musk’s fortune has decreased by over $100 billion as Tesla’s stock plummeted by nearly half from its peak in December 2024.
The political involvement of Musk forces many Tesla owners to take a stand for or against the company.
Musk is closely associated with Tesla. The company disclosed in its annual report that it heavily relies on Tesla and Musk’s technology services. Tesla’s technology is a significant factor in this contentious connection.
Moreover, the public perception of Musk’s political affiliations is intertwined with Tesla. Initially revered as a tech genius, Musk’s inspiration from Iron Man elevated Tesla’s brand, fueling the growth of his rocket enterprise.
However, with Musk’s polarizing public image, Tesla’s success hinges on maintaining public trust and confidence. The company’s disclosure emphasizes its aim to appeal to a diverse range of potential customers globally.
Musk’s political endeavors place Tesla owners in the spotlight, forcing them to either endorse or disavow the company. Owners often feel compelled to justify their purchase or publicly distance themselves from the company’s political stance. This dichotomy raises concerns about the public’s perception of Tesla as a mere political symbol.
Meanwhile, Musk’s narrow target audience was highlighted by hosting a Tesla sales event on the White House grounds, aligning with a controversial presidency. The outcome for Tesla remains uncertain, but its social relevance appears to impact its financial standing.
For more details on Saturday’s protest, read the full story here.
Numerous individuals worldwide protested against the efforts of Donald Musk and Donald Trump on Saturday to dismantle the US federal government.
The protest organizers called on people to refrain from buying Tesla, selling Tesla stocks, or participating in the “Tesla Takedown” movement.
One of the group’s taglines read, “To hurt Tesla is to stop Musk. Stopping Musk helps save lives and our democracy.”
Over 200 events were scheduled globally on Saturday, starting in Australia and New Zealand in front of Tesla showrooms before spreading to Europe in countries like Finland, Norway, Denmark, Germany, France, the Netherlands, and the UK. Each rally had a unique theme organized locally. In Ireland, it was “destroying the fash,” while in Switzerland, it was “down with the Doge.” Photos were posted on Bluesky by Tesla Takedown from San Jose, California, close to Tesla’s former headquarters, and from Austin, Texas, where the headquarters is currently located.
The world’s wealthiest Musk leads the so-called “Ministry of Government Efficiency” (DOGE), tasked with cutting the US federal budget, which includes laying off thousands of workers. Musk and Tesla did not respond to requests for comment.
Protested at a Tesla dealer in Austin, Texas on March 29, 2025. Photo: Brandon Bell/Getty Images
In San Francisco, around 200 people gathered in front of a Tesla showroom, urging others to disrupt busy streets and medians to oppose self-driving roads.
Many demonstrations included protests with signs and chants. Acts of disruption were seen, including impeding postal trucks, public buses, and fire engines. One group had signs with slogans like “Burn your sw before you burn,” and “doge bags no.” A massive American flag was also displayed upside down.
The Brocklong Tesla showroom had cleared out all cars with security guards inside and San Francisco police officers outside. A group wearing red maga hats and black dog shirts also passed through the crowd without incident.
Protester Myra Levy and friend Karen Heistler expressed their reasons for opposing the Tesla movement.
Protester Myra Levy at the San Francisco Tesla dealer held in San Francisco on Saturday. Photo: Dara Kerr/Guardian
Sales representatives in Berkeley, California, reported that Tesla showrooms were closed every Saturday due to weekly protests. A lively scene included spray-painting a cardboard cyber truck. The manager declined to comment on previous red paint incidents in the showroom.
Planet over Profit organizer Sophie Shepherd clarified that the London rally was not specifically against electric vehicles, but rather against the individuals associated with Tesla.
Marty, an 82-year-old protester, expressed concerns about the current state of the country and its leadership.
Protests occurred across the US, with numerous demonstrations planned across different states. London also saw dozens of demonstrators outside the Tesla showroom.
Organizers emphasized the importance of continued protest and peaceful demonstration against Musk, Trump, and Cruzi.
Organizers condemned violent acts against Tesla showrooms, affirming that they are a non-violent grassroots movement. They denounced vandalism and emphasized the importance of peaceful, lawful protests.
tESLA showrooms around the world are expected to face anti-Eron Musk protests on Saturday, as Musk’s senior roles in the Trump administration have sparked backlash from European consumers, including Tesla owners and potential buyers.
Tesla sales experienced a 44% decline on average last month, as reported by research platform Jato Dynamics. The European market share of Tesla dropped to 9.6% last month, the lowest recorded in February in the past five years.
However, in the UK, the Motor Manufacturers and Traders Association noted a nearly 21% increase in the number of new Tesla vehicles registered in February. The Model 3 and Model Y emerged as the second and third most popular models after the Mini Cooper.
The Guardian has received messages from hundreds of Tesla owners expressing their changing feelings about owning a Tesla. Here are some of their perspectives.
“Our daughter continues to ask us to sell it.”
My wife surprised me with a test drive of the Tesla Model S for my birthday in 2019. I was impressed by its performance and environmental friendliness, so we decided to purchase it.
We have driven around 80,000 miles, including a trip to Southern France from Italy. While the car has been reliable and cost-effective, we are troubled by the political affiliations of Trump and Musk. Our daughter, who is 26 years old, keeps urging us to sell it. The polarization on the Tesla Owner’s Forum is evident, making us feel conflicted.
We are currently grappling with a constant moral dilemma regarding our ownership of the car. Seeing models showcased outside the White House by Trump and Musk made us uneasy. The secondary market has seen a significant drop, and our warranty will expire in 2027, which adds to our uncertainty. Owning a car shouldn’t be this emotionally challenging.
Protests are set to take place at Tesla’s showrooms across the US and internationally this Saturday. Organized under the name Tesla Takedown, these demonstrations have been growing in size since Donald Trump’s presidency began. Over 200 Tesla locations worldwide, with almost 50 in California alone, will be the sites of these protests.
The goal of the protestors is to oppose the actions of Tesla CEO Elon Musk and send a message to the Trump administration. They are critical of Musk’s decisions including laying off workers, cutting department budgets, making fascist gestures, and dismantling government agencies.
Vicki Mueller Orvera, one of the organizers of the Bay Area Tesla Takedown protests, emphasized that Musk’s actions are undemocratic. She sees Musk as an unelected billionaire wielding power in destructive ways.
The Tesla Takedown movement is described as a decentralized grassroots initiative protesting Tesla’s operations as long as Musk undermines public services. Local organizers are planning demonstrations independently.
Orvera urges protestors to take action by boycotting Tesla purchases, selling Tesla stocks, and participating in Tesla Takedown protests.
Despite requests for comment, Musk has not responded to the criticism against him. He has clarified his government efficiency work as improving government operations.
As Tesla Takedown momentum grows, Tesla’s financial performance has suffered. Since Trump took office, Tesla shares have plummeted, impacting Musk’s net worth significantly. Some Tesla owners have sold their cars following controversial statements and actions by Musk.
The protest movement has gained attention from both supporters and critics. Jonathan V Last, editor of Bulwark, has highlighted the impact of Tesla Takedown protests on Musk’s net worth and influence.
Protest movement grows
Tesla Takedown protests originated in February and have expanded to various American cities. Social media has played a significant role in mobilizing participants, with suspected attacks on Tesla showrooms being condemned.
Recent developments have led to the involvement of law enforcement in investigating the vandalism. Tesla Takedown organizers emphasize peaceful protests and distance themselves from any violent actions.
Anti-Tesla sentiment and protest Go global
The anti-Tesla sentiment and protests are not limited to the US but have also spread globally. Cities like New York and Chicago have seen regular Tesla Takedown protests with significant online support.
Organizers are ensuring that the protests remain non-violent and focus on sending a clear message against the actions of Tesla and its CEO. They are calling for widespread participation in upcoming protests across various international locations.
Sales of a new Tesla car in Europe plummeted last month since Elon Musk’s involvement in Trump’s administration, indicating potential buyer backlash towards his controversial behavior.
The electric car manufacturer sold just under 16,000 vehicles in Europe last month, a 44% decrease across 25 countries including the EU, the UK, Norway, and Switzerland.
Tesla’s market share dropped to 9.6%, its lowest in five years. January also saw a 45% decline in sales compared to 2024.
Although the UK reported a 21% increase in new Tesla vehicle registrations in February, Tesla’s overall sales in Europe are struggling due to Musk’s political involvement and the Model Y overhaul.
Analysts are monitoring Musk’s impact on Tesla amidst concerns of consumer backlash and competition within the EV market. Brands like Tesla, with limited model lineups, are vulnerable during model transitions.
Other automakers like Volkswagen, BMW, and Mini have seen sales growth in Europe, outpacing Tesla in February.
BYD, a Chinese-owned company, has reported significant sales increases, overshadowing Tesla in revenue and sales figures.
BYD has emerged as a strong competitor to Tesla, exceeding them in revenue and sales volume, especially with their line of hybrid cars.
Polestar, owned by Geely, Volvo’s parent company, has also shown growth in vehicle sales in the European market.
BYD’s market value has surged, positioning them as a key player in the electric vehicle industry alongside Tesla and other major automakers.
Despite these challenges, Tesla’s shares rose 6% on Monday, showing resilience in the market amid increasing competition and regulatory changes.
Overall car sales in European markets saw a slight drop, while BEV registrations rose significantly, indicating a shift towards electric vehicles in the region.
During the All Hands meeting at the Company on Thursday, Elon Musk reassured Tesla employees about the automaker’s “bright and exciting” future, encouraging them not to sell their stocks despite the company’s declining valuation.
“There may be challenging times,” the billionaire CEO informed his employees. “But what I want to emphasize is that the future looks incredibly bright and promising, and I am committed to achieving great things that nobody thought possible.”
During the meeting aired on X, Musk urged employees to hold onto their stocks despite a 50% decrease in stock prices. Tesla has faced criticism due to tech executives’ roles in the Trump administration. Following Trump’s reference to Musk as the head of the “Governmental Efficiency Department” (DOGE), the world’s richest person has dismantled the entire federal agency, leading to issues related to diversity, equity, and inclusion.
As a response, Tesla owners are considering selling their vehicles, leading to a plummet in the company’s stock price and incidents of destruction of Teslas across the country.
Musk expressed his concerns, stating, “When I read the news, it feels like Armageddon. If you choose not to purchase our products, I understand, but resorting to burning them is unreasonable.”
The day before, Tesla issued a recall for the CyberTruck model due to issues with a part called a can rail, prompting the replacement of the assembly of affected vehicles for free.
Even long-standing financial supporters of the company lament the challenging political environment facing Tesla and the subsequent decline in its performance.
Dan Ives, managing director of Wedbush, described the current situation as a “brand tornado crisis” for Tesla due to the recent events surrounding the company.
Musk’s plea to employees regarding stocks is part of his efforts to stabilize stock prices and boost vehicle sales amid the ongoing challenges. Earlier this month, Musk stood alongside Trump in front of the White House to promote Tesla’s technological capabilities, with Trump expressing interest in purchasing the vehicles.
In conclusion, Musk reiterated his long-standing claims during the meeting, reassuring employees that Tesla vehicles would eventually be able to drive autonomously.
“I urge you to hold onto your stock,” Musk emphasized.
Tesla and Elon Musk are currently facing a “brand tornado crisis moment,” and the CEO of the electric car company is being urged to step down by Donald Trump.
A warning was issued stating that Tesla would be recalling 46,000 cybertrucks in the US on Thursday to address issues with external panels coming loose while driving.
This development comes as protesters announced plans for a major demonstration against EV manufacturers, including Tesla.
Tesla’s stock has seen a significant decline over the past month due to various concerns, including the influence of Musk’s ties to the Trump administration and his involvement in the DOGE (Government Efficiency Sector).
Financial analyst Dan Ives described Doge’s impact on Musk as damaging to his personal reputation and business.
Ives warned investors of a potential crisis facing Tesla and Musk, citing protests at Tesla showrooms and destruction of vehicles.
He emphasized the need for Musk to step back from his role in Doge and formally announce his resignation as Tesla’s CEO to prevent further damage to the company’s reputation.
Additionally, Ives called for a clear roadmap for new vehicle releases and the deployment of self-driving vehicles in June to reassure investors.
Protest groups like Tesla Takedown have organized “Action Day” protests against Tesla and Musk worldwide, condemning Musk’s alleged involvement in illegal activities.
In response, Musk denounced protesters and defended his actions against what he described as unjust attacks on Tesla.
The Tesla recall issued on Thursday addresses issues with the Can Rail panels detaching from vehicles, posing safety risks. Tesla will replace the affected parts for free.
According to the National Highway Traffic Safety Administration, detached panels can create road hazards and increase the likelihood of accidents.
Tesla has been requested to provide a comment on the issue.
hWelcome to Ello and TechScape. In this week’s edition, Elon Musk faces backlash and challenges, Apple improves Siri, and Meta confronts internal struggles.
Mask was assaulted last week, just like Tesla.
My colleague Nick Robbins – Airy Report:
The past 10 days have been rough for Musk as Tesla’s value plummeted due to various concerns. SpaceX also faced challenges with a rocket explosion, while X experienced a cyberattack. Musk’s involvement in Doge and Tesla’s sales event at the White House added to the turmoil.
To uplift Musk’s fortunes, Tesla showcased its vehicles at the White House, garnering support from President Trump. However, this move also highlighted Musk’s reliance on external influence to mitigate his setbacks.
Protesters outside the Tesla Service Center in New Orleans on March 14th.
Amid Tesla’s struggles, questions arise about Musk’s leadership and the company’s future. Will shareholders take legal action to address the declining stock prices and operational challenges?
Other Elon Musk News
Apple rises to Siri’s incompetence
Apple criticized Siri’s delays at a recent meeting.
Apple faces internal challenges with Siri’s AI capabilities lagging behind competitors, raising concerns among iPhone owners and investors.
The saga of Siri’s development reveals internal struggles and doubts about Apple’s AI features. This setback tarnishes Apple’s reputation for innovation and design excellence.
Meta faces controversy as a former executive exposes internal issues, triggering legal actions and public scrutiny. The book sheds light on Meta’s leadership and decision-making processes.
Wynn-Williams’ book raises questions about Meta’s practices and the truth behind her claims, sparking a debate about the company’s integrity and transparency.
BYD, a Chinese electric vehicle (EV) maker, has announced plans to construct a charging network across China. This network aims to enable EVs to charge as quickly as refilling with gasoline.
Founder Wang Chuanfu revealed the “supere platform” at a home event in Shenzhen on Monday. This platform will support a peak charging speed of 1,000 kW, allowing cars to travel 400 km on a five-minute charge.
BYD’s 1,000 kW charging speed is double that of Tesla superchargers, offering faster charging speeds than before in the industry. Fast charging technology is crucial for increasing EV adoption.
Tesla, already struggling, saw its shares drop 15% on March 10, prompting concerns for owner Elon Musk. The company faces challenges in meeting sales targets and producing self-driving cars, with increasing competition from more affordable EV models from Chinese companies like BYD.
Tesla stocks dropped 4.8% on Wall Street, marking an eighth consecutive weekly decline. Baron.
Wang emphasized the goal of reducing EV charging times to match gasoline vehicle refueling times. The new charging architecture will debut with the Han L Sedan and Tang L SUV, priced from 270,000 yuan ($37,330).
BYD plans to build over 4,000 ultra-fast charging stations to support the new platform, but no specific timeline for construction was provided. Previously, BYD owners relied on public charging poles from other manufacturers or third-party operators.
While Tesla has been offering superchargers in China since 2014, other Chinese EV companies like NIO, Li Auto, Xpeng, and Zeekr have also established charging facilities.
BYD’s sales primarily come from plug-in hybrids, with aims to sell 5-6 million units this year.
Tesla, led by Elon Musk, is cautioning about the potential repercussions of Donald Trump’s trade war. They warned that retaliatory tariffs could harm not only electric car makers but also other American automakers.
In a letter to US trade representative Jamieson Greer, Tesla emphasized the importance of considering the broader impacts of trade actions on American businesses. They stressed the need for fair trade practices that do not inadvertently harm US companies.
Tesla urged the US Trade Representative (USTR) office to carefully evaluate the downstream effects of proposed actions to address unfair trade practices. They highlighted the disproportionate impact that US exporters often face when other countries respond to trade actions taken by the US.
The company, which has been a supporter of Trump, expressed concerns about potential tariffs on electric vehicles and parts imported to targeted countries. They cited past instances where trade disputes led to increased tariffs on vehicles and parts manufactured globally.
As Tesla continues to navigate the challenges of trade policies, they emphasized the importance of considering implementation timelines and taking a step-by-step approach to allow US companies to prepare and adapt accordingly.
Meanwhile, German automaker BMW reported a decline in net profit due to trade tariffs. They highlighted the impact of US trade actions on their business performance and reiterated the challenges posed by a competitive global environment.
BMW’s forecast takes into account various tariffs, including those on steel and aluminum. The company faces challenges in China, where local EV manufacturers are gaining market share, leading to a decline in BMW and Mini sales.
Despite these obstacles, BMW remains committed to navigating the complexities of trade and geopolitical developments to maintain business resilience and performance.
Donald Trump announced that he was purchasing a “brand new Tesla” and placed blame on the “radical left-handed man” who he claimed was orchestrating an “illegal” boycott. This announcement followed a significant drop in Tesla’s stock price, the worst in nearly five years.
During a press conference, President Trump also declared his intention to classify the violence against Tesla showrooms as domestic terrorism, responding to a reporter’s suggestion that such actions should be labeled as such.
He mentioned that he had spoken with Elon Musk and his son on his White House driveway, with a selection of Tesla cars parked for his choosing. Trump ultimately opted for a red Model S, praising Musk’s contributions to the country.
Trump went on to accuse the “radical left madman” of attempting to illegally boycott Tesla and harm the American automaker, posting his remarks on True Social and affirming his commitment to stopping the damaging boycott efforts.
Despite claims of the boycott being illegal, the Supreme Court ruling from 1972 protects the right of Americans to peacefully protest against private companies, challenging Trump’s stance on the matter.
Tesla’s stock has seen significant declines amid protests and threats linked to Trump’s tariff plans. The TeslaTakeown Group, organizing anti-Tesla protests, insists on their right to peaceful demonstrations outside Tesla showrooms.
Reports indicate a sharp drop in Musk’s net worth over the past year, impacting Tesla’s profits. Tesla board members, including Musk’s brother, have sold off millions in stocks, while Tesla car sales have also declined.
The boycott against Tesla emerged in response to Musk’s controversial “Doge” initiative and concerns over lack of transparency in federal spending. Polls suggest mixed public sentiment towards Musk’s influence and actions.
aSelon Musk laughed at Oval Office, one of the UK's most influential technology investors. “He's absolutely horrible. I've said that many times: I think it's horrible what's going on,” says Martha Lane Fox.
For British peers and former Twitter board members, the musk view from Donald Trump's White House bully's pulpit shows that Silicon Valley's dreams have turned sour.
“The wealthiest man in the world who can stand there with the president, and Cult Blanche Please joke about how he carves out people's work in government. He can then be there with a chainsaw laughing on stage…
“It's really, really unsettling and I find it very uncomfortable on a value-based level. It makes me very worried. I think it's gross.”
In an interview with observer To mark International Women's Day, the UK Chamber of Commerce (BCC) president warned against a pushback of diversity that Trump and his technological peers not only hurt society, but also the economy as a whole.
Since he returned to the White House, the US President has shut down all federal diversity, equity and inclusion (DEI) initiatives, but Musk's “Doctors of Government Efficiency” (DOGE) is torn apart the funding scheme.
Some of the world's largest companies have followed suit. Of the broad pushback to everything from environmental goals to sustainable development, among the most notable participants are US finance companies and high-tech companies, including Goldman Sachs, Accenture and Amazon, but also UK companies such as GSK.
“He needs to be locked up,” Lady Lane Fox said of Mask's role in the rollback. “I think it's extraordinary that the wealthiest guys in the world are trampling on these things, and that we still have fanboys from the tech sector. It's already corrosive to society and I'd argue that it's going to last.”
For businesses, she says it's better for diversity to ultimately appeal to the widest talent pool of employees and target the widest range of customers. This is just as much about profit as social justice, she adds. However, she has broader concerns about the future.
“First, it's financial. But secondly, it's about power and money – like everything, is it?
“If you're looking at a sector like the digital sector where employment growth, opportunities growth, it's the growth sector of the economy. But you don't include a lot of people in it. Then you'll create inequality. Full stop. It's financial and a social justice issue.”
Given the close relationship between the UK and the US, there is an opinion that the UK continues naturally in the places it stepped in America. But there are indications that some UK businesses, and even US companies, are ready to go away.
Accounting firm Deloitte has directed staff working on a contract to remove pronouns from emails to announce the end of the DEI program. However, the British boss told the staff that the UK business was ” [its] The goal of diversity.”
“I feel like a global company rooted in the US is emphasizing the slight politically motivated change until it all rows out, and I feel it's been a little more tempered here,” says Lane Fox.
She says that UK businesses have the opportunity to do something different. “I think we have a better shot at building a more robust company, attracting talent and building the most resilient company of the future.”
For almost 30 years, LaneFox has built a career and millions of pounds of fortune in technology. She created the first Big Money Floating LastMinute.com on LastMinute.com, an online travel site co-founded with Oxford alumnus Brent Hoberman in 1998.
Elon Musk will be holding a courthouse with Son X in the White House oval office in February. Photo: Abaca/Rex/Shutterstock
She joined Twitter's board of directors (now X) in 2016 and after landing a major payday in 2022 with a $44 billion hostile takeover of Musk, he dissolved the board and appointed its sole director.
He saw musk in his oval office, paraded his Son X over his shoulder, raising doubts about gender division. “Can you imagine it if it was a woman? Can you imagine what it would look like? I mean, I just think the whole thing is really awful.”
But, in personal abilities, the BCC president has not suggested that this approach is not for everyone. “It's really hard to navigate. It's a responsibility to our customers and employees that may differ from our personal views.”
Government regulations enshring diversity targets are also a bad idea, she says. Instead, businesses prefer to report their progress. “It's important to keep that in the light and keep reporting. Keeping good investors, looking at the right metrics, investing in the right companies all helps.”
However, there has not been enough progress. This week's analysis showed that women's unemployment and worsening participation in the workforce have pushed the UK behind Canada to the lowest global ranking for workplace equality in a large economy in a decade.
Gender wage gaps slowly decrease over time, The average salary is still 7% less For women rather than men. That's a challenge that Lane Fox knows too much. “Look at the data. It's really loud. It's not moving,” she says.
“What I'm worried about is that it's too easy to find the numbers we thought were moving forward.
“This week on International Women's Day, we see that representatives at the executive level have returned. I think the board progress is still good at the FTSE 100 level, but it's bad at the FTSE 250 and 350 levels.
“I know there are people in the sector who are thinking, 'Oh, here she's going again.' That applies to many women [that people think that]. But it is very important to continue these discussions. ”
when Mike Schwede was first sitting on the Tesla Roadster 15 years ago, he felt like he was witnessing the future. In 2016, he became a proud Tesla owner, enjoying the admiration he received from other drivers as he cruised along European highways in his electric vehicle.
However, the shine of owning a Tesla has started to fade recently. For years, the brand was closely associated with Elon Musk and his stance on the climate crisis. Schwede was dismayed when Musk pledged to increase oil and gas production after supporting Donald Trump.
“He was becoming increasingly bizarre,” said Swiss entrepreneur and digital strategist Schwede. The final straw came when Musk made a fascist-style salute during Trump’s inauguration in January. “It was completely repulsive to me,” Schwede stated. “I was no longer enjoying being a Tesla owner.”
Data from the European Association of Automobile Manufacturers revealed that nearly half of new Tesla car sales in Europe had plummeted last month. Analysts attribute this decline to customers turning away from the brand due to Musk’s far-right political affiliations.
The Texas-based automaker sold 9,945 vehicles in Europe in January, a 45% drop from the previous year, according to the association.
The parody “Tesla – Swastical” ad was posted at a London bus stop. Photo: People vs Elon
Existing Tesla owners who are discontented with Musk’s views are beginning to voice their concerns.
Schwede considered selling his car, but with over 60,000 miles already driven, the resale value was minimal. Instead, he decided to donate 10 cents per kilometer driven to various charities, aiming to support LGBTQ+ youth and combat hatred, extremism, and far-right movements. “That didn’t sit well with Elon,” Schwede remarked. “It was my way of seeking personal retribution.”
Some European Tesla owners are pushing back against Musk’s political associations by engaging in small acts of resistance, demonstrating their displeasure with his far-right leanings.
Patrick Schneider from Germany created an “anti-Elon sticker” line for Tesla cars to express his dissatisfaction. The stickers, featuring messages like “Buying this before Elon went crazy,” have gained popularity in response to Musk’s political alliances.
Far-right AFD Alice Weidel is talking online with Elon Musk during her speech at the start of the campaign. Photo: Hannibal Hanschke/EPA
Demand for these stickers has surged, with up to 2,000 being sold daily, not only in German-speaking countries but also internationally. Schneider noted, “Elon Musk inadvertently fueled this for us.”
Protesters gathered outside Tesla dealers across the United States on Saturday in response to Elon Musk’s efforts to sculpt government spending under President Donald Trump.
Groups of up to 100 demonstrators gathered outside the electric car manufacturer’s showrooms, including New York, Seattle, Kansas City and across California. Organizers said the protests took place in dozens of locations.
While the protests were scattered, they highlighted the risks to the car companies that have a close ties with Musk’s underlying right-wing agenda. Many protesters likened the Trump administration to the Nazis to carry placards. This is a characteristic that masks have previously highlighted.
Musk leads Doge, whose name comes from the US president’s “government efficiency,” or the Internet dog meme. Doge’s actions have rapidly dismantled government agencies, fired large federal workers across the United States, and have been criticized by some constitutional experts as illegal.
Some Tesla investors have asked whether Musk and the Trump administration’s relationship, including spending more than $200 million on a presidential campaign, will dent sales, particularly in liberal regions of the United States. Locations, including California, tended to be the largest market for U.S. electric vehicles, while Republicans and the Trump administration were actively opposed to technology.
Protest outside Tesla dealer in New York Saturday. Photo: Justin Lane/EPA
American musician Sheryl Crow posted a video of himself on Saturday, bidding farewell to Tesla, led by the Instagram social network. She said she sold the car and donated money to the US National Public Radio Station (NPR), which is “under threat by President Musk.”
“My parents always said… you’re the one you hang out with,” she wrote. “It’s time you have to decide who you’re going to suit. A very long Tesla.”
People within the Tesla business claim that the company is separate from the CEO. But that surge in valuation has played a key role in building the wealth of masks used to fund Trump’s campaign, thanks to previously burgeoning sales.
Tesla’s stock accounts for about a third of Musk’s wealth, according to Bloomberg. The private rocket company SpaceX is another third of ownership, while the rest links to Xai, X Social Network, Boring Company, Tunnel Business, and stakes from Brain-Computer Interface Company NeuralInk. Musk uses Tesla and SpaceX shares to secure personal loans worth billions of dollars.
Tesla reported its first annual sales decline in 2024 amid a tough time for the global automotive industry. It is not yet clear whether Musk’s right-wing politics contributed to its decline, and the company could potentially be able to compensate for the lost left-wing clientele with new enthusiasts on the right.
Some commentators have linked the sharp decline in German Tesla sales with a December declaration of support for the far-right alternative Deutschland (AFD). German Tesla sales fell 60% year-on-year in January, but delivery schedules could be affected by other factors that exceeded demand.
Tesla could be vulnerable to political backlash in other ways. In the UK, Liberal Democrat leader Ed Davy said this week that the Labour government should impose tariffs on Tesla vehicles in retaliation from the White House, which taxes steel imports.
The US State Department has allocated $400 million to purchase new Tesla armored vehicles, despite Tesla CEO Elon Musk leading efforts to reduce government spending during Donald Trump’s term.
Sector-generated procurement forecasts indicate a proposed expenditure of $400 million (£320 million) for “armored Teslas (production units).” These vehicles could potentially be the Cybertrucks, Tesla’s latest electric pickup model, touted by Musk as being bulletproof.
This revelation raises concerns about a possible conflict of interest for Musk, who is a major beneficiary of US government contracts through his various companies.
While Musk’s wealth primarily comes from Tesla, his rocket company SpaceX is a key contractor providing space launch services to the US government.
Despite Musk’s efforts to streamline government spending, particularly through his initiative named Doge, Trump has also involved him in government efficiency efforts. These actions have been criticized for potentially violating the US Constitution.
State Department documents suggest that the Tesla contract will be finalized by the end of September.
The department’s website originally included a forecast document dated December 13, 2024, showing the Tesla procurement plan. However, a later version corrected this entry after it was reported by Drop Site News, replacing “Tesla” with “armored electric vehicles” (EVs) without specifying the brand.
In addition to Tesla, the US government also procures armored vehicles from other manufacturers, as indicated in the procurement documents.
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