Early organizers of some Tesla Takedown protests have stated that the organization’s primary objective is to impact Elon Musk’s wealth significantly. The protests, coinciding with a decline in Tesla’s stock, have led to a shift in sentiment among loyal investors, who attribute the company’s woes to Musk’s political affiliations.
Fred McKinney, a previous Tesla owner, expressed his regret over purchasing a Tesla Model 3 in November 2018. McKinney, who once considered himself an evangelist for the vehicle and the company, has since had a change of heart due to Musk’s political involvement, particularly his association with the cost-cutting team DOGE during the Trump administration. McKinney sees this affiliation as damaging to societal fabric and has since switched to an alternative electric vehicle, unaware at the time that he was part of a broader movement.
Recent months have seen global protests against Tesla, characterized by both peaceful demonstrations and incidents of vandalism and arson. These activities have negatively affected Tesla’s stock and sales, creating unrest among investors. Organizers of the Tesla Takedown movement articulated to Fortune their goal of impacting Musk’s financial standing.
The movement has significantly reduced Musk’s wealth from its December peak, aligning with the goals of Edward Niedermeyer, one of the early coordinators. Niedermeyer sees success in the drop in Musk’s wealth, though he reiterates any financial pressure that could provoke a political or managerial change in Tesla’s governance would also be a positive outcome.
Niedermeyer has had a longstanding critical view of Tesla and Musk, having published a skeptical book on Tesla’s history in 2019. He attributes the rise in protests against Musk and Tesla to heightened political dissatisfaction and limited avenues for public expression. Despite the association with violence, Niedermeyer and other movement leaders, such as Valerie Costa, co-founder of the environmental activist group Troublemakers, emphasize the protests’ peaceful nature. They express concern over the conflation of peaceful protests with acts of vandalism and violence, especially given statements from Trump labeling such vandalism as domestic terrorism.
Musk has publicly targeted Costa and her organization, leading to personal challenges and fears due to his vast influence, which Costa finds intimidating. The conflation of peaceful protests with violent acts remains a contentious issue among the movement’s organizers.
As Tesla’s stock continues to fall, exacerbated by declining sales in European markets like Germany, Musk’s intertwined identity with Tesla has come under increased scrutiny. Notably, even long-time Tesla advocates, such as Dan Ives and Ross Gerber, have begun questioning Musk’s position and its impact on the company’s stability. Ives noted diminishing investor patience, while Gerber called for Musk’s resignation to refocus attention on Tesla’s core business amidst political distractions.
For previous Tesla supporters like McKinney, reconnecting with the brand seems implausible as long as Musk remains in any capacity. He highlights the arduous process of brand recovery once damaged and views the ongoing situation as a potential case study in business schools for years to come.
Tesla representatives did not provide comments for this report.
