Early organizers of the "Tesla Takedown" protests have stated that the objective of their initiative is to impact Elon Musk’s wealth. As demonstrations increase and Tesla’s stock declines, even steadfast investors are criticizing the CEO, attributing the company’s downturn to his political affiliations.
Fred McKinney, who previously owned a Tesla Model 3 since November 2018, expressed regret over his purchase. McKinney, co-founder of BJM Solutions, initially saw himself as a promoter of Tesla and Musk but has since changed his stance, citing Musk’s involvement with the Trump administration and the DOGE cost-cutting team as significant factors in his decision to sell his Tesla in February and opt for a different electric vehicle.
McKinney was unaware that his decision coincided with a broader movement. He expressed feeling comforted by discovering that many others shared his sentiments. In recent months, global protests against Tesla have emerged, ranging from peaceful demonstrations to acts of vandalism and arson, causing Tesla’s stock to fall, which has frustrated investors.
The protests, known as the "Tesla Takedown Movement," have significantly affected Musk’s personal wealth, reducing it by approximately $175 billion from his peak, according to Bloomberg’s billionaire index. Edward Niedermeyer, one of the movement’s early coordinators, stated that their goal is to challenge Musk’s empire, with an emphasis on disrupting Tesla’s stock as a means to effect political change.
Niedermeyer has long been a critic of Musk and Tesla, authoring a book in 2019 that offered a critical view of the company’s history. He attributes the recent surge in organized opposition to a combination of political dissatisfaction and limited avenues for expression. Despite threats from Trump labeling vandalism against Tesla as domestic terrorism, Niedermeyer emphasized that the movement remains peaceful and distinct from acts of vandalism.
Valerie Costa, co-founder of the environmental activist group Troublemakers, echoes concerns that the peaceful nature of their protests is being conflated with acts of violence, posing a threat to their mission and safety.
Elon Musk is actively trying to counter the protests as Tesla faces a declining stock price. Despite receiving support from Trump, Tesla’s sales, particularly in Europe, have suffered. Musk’s actions outside the company significantly impact Tesla’s fortunes, with investors becoming increasingly critical of his focus on political activities.
Analyst Dan Ives, who has been optimistic about Tesla, has recently warned about investor patience diminishing due to Musk’s political engagements. Meanwhile, other investors, including Ross Gerber, are urging Musk to step down as CEO to prevent further neglect of the company. For McKinney, Musk’s involvement with Tesla remains a barrier to regaining his loyalty to the brand.
Tesla representatives did not respond to a request for comment from Fortune. This report originally appeared on Fortune.com.
