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Boston Globe
a day ago
- Business
- Boston Globe
Tesla protesters claim a victory as Elon Musk leaves Trump's side
Advertisement 'That first one on Feb. 15 was me and like 50 people,' Donovan said. 'And then the next week it was a hundred more people and then a hundred more after that, and it's just grown.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Tesla Takedown has since expanded into an international movement, staging demonstrations at Tesla factories, showrooms and other locations in countries including Australia, Britain, France and Germany as well as across the United States. The campaign's U.S. growth has been fueled in large part by anger over Musk's leadership of the Department of Government Efficiency, which has slashed government spending and dismissed tens of thousands of federal workers while gaining access to sensitive personal data. Musk departed the administration after his involvement in politics hurt his companies, especially Tesla. Sales of the company's cars have tumbled since Trump took office and the start of protests against the company. Advertisement David S. Meyer, a sociology professor at the University of California, Irvine, who studies corporate protest movements, said the anti-Tesla movement had been surprisingly effective. 'Most corporate boycotts and corporate actions don't work and don't last,' he said. 'They're a blip and fade away.' The Tesla protests, however, 'gave people something to do to express their dissatisfaction with Trump in general and DOGE in particular, and made Musk's participation in those a liability for Tesla.' Tesla and Musk did not respond to requests for comment. A White House spokesperson said the protests were not the reason Musk had stepped away from his government role. 'He had to go back to his companies,' the spokesperson said. The challenge for Donovan, whose academic research focuses on misinformation, and the other activists is keeping their movement going now that Musk appears to be pulling back from politics. Alice Hu, a political activist who has organized protests at Tesla locations in New York, said organizers were determined to continue, drawing on people's distress over Trump's policies and Musk's support of right-wing causes. 'We want to apply as much pressure as possible to Elon Musk himself,' Hu said. 'We want to send a message to the Trump regime that there is a mass movement and that people are watching, and there will be consequences for what they are doing to our government.' The group is planning around 50 protests for June 28 -- Musk's birthday -- according to its website. Donovan said she hoped the protests would expand beyond picketing in front of Tesla locations. On a recent conference call that drew several hundred participants, organizers laid out plans to begin urging city and state governments to sell their Tesla stock and to stop doing business with Musk's other businesses including Starlink, the satellite communications service. Advertisement Donovan has firsthand experience with heated policy and political debates. Before joining Boston University, she was the research director at the Shorenstein Center on Media, Politics and Public Policy at Harvard University. After leaving the center in 2023, she filed a complaint to Harvard's president contending that she was let go because of pressure from Meta, the parent company of Facebook and Instagram, which was a subject of her research and has financial ties to the university. In a statement, a spokesperson for Harvard said Donovan's allegations of unfair treatment and donor interference were 'false.' Meta declined to comment. Hu has political experience as well. A graduate of Columbia University, she founded a climate activist group, Planet Over Profit, that held demonstrations targeting Citi last year. A handful of celebrities have supported the Tesla Takedown protests. Actors Alex Winter and John Cusack have participated in organizing calls. Winter contacted Donovan early on and offered to create a Tesla Takedown website. He declined to comment for this article. In April, Tesla reported that its profit fell 71% in the first three months of the year after it sold 15% fewer cars compared with a year earlier. Many Tesla owners are selling or trading their cars in, and prices of used Teslas have fallen sharply. In early April, Tesla's stock price was down by around 54% from a December high, although it has regained much of that ground in recent weeks and is now down 29%. Advertisement In an April conference call to discuss Tesla earnings, Musk addressed the demonstrations, saying, without evidence, that the protesters were paid. 'They're obviously not going to admit that the reason that they're protesting is because they're receiving fraudulent money or that they're the recipients of wasteful largess,' he said. Hu and Donovan said they were not paid or funded by anyone to protest against Tesla. In March, Trump defended Musk and Tesla at a White House event in which he looked over a display of five different Tesla models and said he would buy one of them, a Model S luxury sedan. 'I think he's been treated very unfairly by a very small group of people,' Trump said. 'And I just want people to know that he can't be penalized for being a patriot.' One challenge for the protest movement is preventing it from becoming linked to recent acts of vandalism against Tesla. The company's cars, dealerships and chargers have been spray-painted, set on fire and damaged in other ways around the world. Musk and Trump have described these incidents as the work of 'terrorists.' The White House spokesperson said the Justice Department was investigating the vandalism. Donovan and Hu say they urge protesters to refrain from violence and demonstrate peacefully. But the posters and signs some demonstrators have displayed at Tesla Takedown events often take an aggressive tone. At one March demonstration in lower Manhattan, a line of protesters strode down the street toward a Tesla dealership, holding a large banner with the words, 'Burn a Tesla, Save Democracy,' painted against flames on a white background. In Germany protesters recently projected images and videos on the walls of Tesla's plant outside Berlin. They showed Musk making a Nazi-like, stiff-armed salute along with slogans like 'Heil Tesla.' Advertisement While the protests were originally aimed at Musk and Tesla, many events have started attracting people who see them as a way to demonstrate their opposition to other administration initiatives. At a recent demonstration at the Tesla store in Ann Arbor, Michigan, Beth Ann Thorrez was dressed in a penguin suit -- a poke at the Trump tariffs levied against countries around the world, including one uninhabited island populated largely by penguins. Several protesters said they would speak only on the condition of anonymity, saying they feared attacks from supporters of Trump and Musk, or punitive actions by the federal government. Donovan said death threats arrive in her email inbox and social media accounts almost every day. But she finds encouragement and resolve, she said, in how the demonstrations have grown. The events in Boston where Donovan is often present typically draw hundreds of participants and have taken on a carnival atmosphere. A marching band provided entertainment at one recent gathering; a chorus sang at another. 'A lot of people who are not incredibly political in their daily lives are coming out and joining,' she said. 'You see a lot of adults, grandparents, kids. I'm energized by it.' This article originally appeared in The New York Times.
Miami Herald
2 days ago
- Automotive
- Miami Herald
Tesla could take major hit from Trump bill, analyst predicts
After demonstrating strong resilience and rising steadily in May 2025, Tesla (TSLA) stock is off to a difficult start for June. CEO Elon Musk finally did what many experts have advocated for and shifted his focus away from Capitol Hill and back to his companies. When he announced plans to step away from the Department of Government Efficiency (DOGE), share prices surged and investors rejoiced. Don't miss the move: Subscribe to TheStreet's free daily newsletter June stands to bring a highly anticipated event, as Tesla prepares to debut its fleet of autonomous robotaxis in Austin, Texas. Despite concern that its technology isn't ready, Musk has made it clear that the company will proceed with the launch as planned, even after admitting he is "paranoid" about it. That isn't the only potential problem Tesla is facing, though. One Wall Street analyst recently speculated that a looming policy from the White House could significantly impact its bottom the past few months, Tesla stock has battled high volatility, primarily trending downward from January through April. Musk's focus shift from DOGE to Tesla and SpaceX helped spark momentum as the Spring season began, suggesting that a turnaround could be imminent. Related: Analyst sets eye-popping Tesla stock price target However, now all experts are convinced that the company's road to recovery will be smooth. JPMorgan analyst Ryan Brinkman recently highlighted a risk that Tesla is facing, one that stands to severely compromise its chances of getting share prices back to their previous highs. Brinkman's thesis centers around a piece of legislation that has been trending on Capitol Hill lately. It would represent a major policy achievement for President Donald Trump. Dubbed "One Big Beautiful Bill Act," it centers around tax cuts and social reforms, most of which would benefit the already wealthy. Trump's economic policies are often geared at benefiting corporations and wealthy individuals, such as the Tax Cuts and Jobs Act (TCJA), the landmark bill from his first term. However, Brinkman thinks that his newest bill is likely be shave up to 52% off Tesla's Earnings Before Interest and Taxes (EBIT), a key financial metric. More Tesla News: Billionaire fund manager dumps Tesla in favor of other tech stockElon Musk, Tesla send bold message to Washington, DCElon Musk gets devastating news as the 'anti-Tesla' catches on According to Brinkman's estimations, that could result in Tesla taking an additional $2 billion hit, amounting to roughly 33% of its EBIT. On a recent webinar, he stated that the market seemed completely oblivious to what the bill could mean for TSLA stock if passed. Brinkman isn't the only one concerned about what the bill could mean for Tesla. Elon Musk, who recently announced that he is done with his political responsibilities, recently expressed disappointment with Trump, stating that the bill "increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing." Related: Tesla's robotaxi rollout is alarming the public, new report shows The Tesla CEO noted that while he thinks the bill can be both big or beautiful, he is skeptical that it can be both. While he hasn't commented on what it could mean for Tesla, it is clear he doesn't approve of how Trump, someone he previously worked closely with, is approaching this major bill. Investing expert James "Rev Shark" DePorre recently raised the question of whether or not Wall Street will be forced to admit that there is a "method to Trump's madness." As it stands, the answer remains unknown, as economic conditions remain complicated and highly uncertain, making it hard to pinpoint broader market movements. If Tesla stock continues to struggle as the bill gains traction, though, other experts may join Brinkman in his argument that the EV leader could end up paying the price for Trump's policy. This could push shares downward at a highly critical time. Related: Billionaire fund manager, skeptical of AI, backs shocking stock The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla Can't Find Legal Places to Store All Its Unsold Cybertrucks
Tesla is seriously struggling to find enough room for all of its unsold Cybertrucks. In a particularly dramatic example, the increasingly unpopular pickups have been piling up in the parking lot of a shuttered Bed Bath & Beyond store in a Detroit suburb shopping center, Automotive News reports, in a violation of local code. The landlord was notified that the vehicle storage was not "permitted," and local officials have started the "enforcement process," per Automotive News. It's yet another sign that Tesla's Cybertruck has been a major flop. Earlier this month, Electrek reported that Tesla had amassed over 10,000 units worth a staggering $800 million of unsold Cybertruck inventory. The EV maker has also reportedly slowed down production and moved workers from the line entirely at its manufacturing facility in Texas, indicating massively waning demand and growing anti-Tesla sentiment. What to do with all of these unsold Cybertrucks has seemingly become a major issue. A video that went viral on Instagram last week showed rows of the stainless steel-clad vehicles sitting in the otherwise deserted parking lot. "Look at what you're missing," a person in the video joked. "Need a Cybertruck? We got you." Tesla's sales have fallen off a cliff worldwide, largely a result of backlash against Musk's embrace of far-right idealism and a surge in cheaper — and often better — alternatives, particularly from China. The Cybertruck has become the poster child of the burgeoning anti-Tesla movement, resulting in frequent vandalism and outright mockery. And top top it all off, used Cybertruck prices are cratering, making it an extremely costly and unwise investment. More on the Cybertruck: Watch in Horror as Cybertruck Driver Plays "Grand Theft Auto" While Screaming Down Highway on Self-Driving Mode
Yahoo
6 days ago
- Automotive
- Yahoo
Elon Musk Just Got Some Horrible New Sales Data About Tesla
Tesla sales continue to crater in Europe, highlighting the sheer damage CEO Elon Musk has inflicted on the brand. According to new figures released by the European Automobile Manufacturers' Association (AECA), sales across the pond slid by almost 50 percent in April, as CBS News reports. That's despite the EV market growing substantially over the same period and region, with Chinese competitor BYD overtaking Tesla to sell more vehicles in Europe last month for the first time, according to research firm Jato Dynamics. "This is a watershed moment for Europe's car market, particularly when you consider that Tesla has led the European BEV market for years, while BYD only officially began operations beyond Norway and the Netherlands in late 2022," said Jato Dynamics global analyst Munoz in a recent statement. Chinese company SAIC, which owns several low-cost EV brands, saw sales shoot up 54 percent in Europe, according to AECA figures. The numbers paint a dire picture of the company's financials and massively slumping demand. April sales plunged a whopping 62 percent in the UK, per CNN, and 74 percent in the Netherlands. Sweden, once a key market for Tesla, saw a precipitous 81 percent drop as well. It's yet again more evidence that Musk's embrace of far-right ideals, his plundering of the US federal government, and intrusion into European politics have proven disastrous for the carmaker's brand. His actions have spawned an international anti-Tesla movement, with protesters gathering in huge numbers in front of showrooms. "2025 started off as a dark chapter for Musk and Tesla as Elon's role in the Trump Administration and DOGE created a life of its own which created brand damage and a black cloud over the story," longtime Tesla bull and Wedbush analyst Dan Ives wrote in a May 23 note, as quoted by CBS News. Instead of acknowledging the damage he has done, Musk has vowed to recommit himself to his ailing businesses, claiming that he was leaving the world of politics behind. Tesla investors saw it as a positive development, sending the company's shares soaring over the past month. However, critics have long pointed out that Tesla's stock has become "detached from reality," a divergence that has never been more on display than now. Compounding the issue is Tesla's aging model lineup. Instead of working on a more affordable "Model 2" vehicle, something investors have been begging for for years, Musk has instead bet the fate of the carmaker on the development of an autonomous "robotaxi" ride-hailing service. The billionaire has promised to show off an extremely limited demo of the service in Austin as soon as next month. The demo will reportedly feature a mere ten to 20 Model Y robotaxis, which are being supervised by human safety drivers. But even the company's own executives aren't convinced that autonomous robotaxis will be the carmaker's saving grace. Tesla's head of Autopilot and AI software, Ashok Elluswamy, admitted during a recent podcast appearance that the company is "maybe a couple of years" behind competitor Waymo. More on Tesla: You Can Suddenly Sense Elon Musk's Desperation
Yahoo
7 days ago
- Automotive
- Yahoo
Elon Musk Just Got Some Horrible New Sales Data About Tesla
Tesla sales continue to crater in Europe, highlighting the sheer damage CEO Elon Musk has inflicted on the brand. According to new figures released by the European Automobile Manufacturers' Association (AECA), sales across the pond slid by almost 50 percent in April, as CBS News reports. That's despite the EV market growing substantially over the same period and region, with Chinese competitor BYD overtaking Tesla to sell more vehicles in Europe last month for the first time, according to research firm Jato Dynamics. "This is a watershed moment for Europe's car market, particularly when you consider that Tesla has led the European BEV market for years, while BYD only officially began operations beyond Norway and the Netherlands in late 2022," said Jato Dynamics global analyst Munoz in a recent statement. Chinese company SAIC, which owns several low-cost EV brands, saw sales shoot up 54 percent in Europe, according to AECA figures. The numbers paint a dire picture of the company's financials and massively slumping demand. April sales plunged a whopping 62 percent in the UK, per CNN, and 74 percent in the Netherlands. Sweden, once a key market for Tesla, saw a precipitous 81 percent drop as well. It's yet again more evidence that Musk's embrace of far-right ideals, his plundering of the US federal government, and intrusion into European politics have proven disastrous for the carmaker's brand. His actions have spawned an international anti-Tesla movement, with protesters gathering in huge numbers in front of showrooms. "2025 started off as a dark chapter for Musk and Tesla as Elon's role in the Trump Administration and DOGE created a life of its own which created brand damage and a black cloud over the story," longtime Tesla bull and Wedbush analyst Dan Ives wrote in a May 23 note, as quoted by CBS News. Instead of acknowledging the damage he has done, Musk has vowed to recommit himself to his ailing businesses, claiming that he was leaving the world of politics behind. Tesla investors saw it as a positive development, sending the company's shares soaring over the past month. However, critics have long pointed out that Tesla's stock has become "detached from reality," a divergence that has never been more on display than now. Compounding the issue is Tesla's aging model lineup. Instead of working on a more affordable "Model 2" vehicle, something investors have been begging for for years, Musk has instead bet the fate of the carmaker on the development of an autonomous "robotaxi" ride-hailing service. The billionaire has promised to show off an extremely limited demo of the service in Austin as soon as next month. The demo will reportedly feature a mere ten to 20 Model Y robotaxis, which are being supervised by human safety drivers. But even the company's own executives aren't convinced that autonomous robotaxis will be the carmaker's saving grace. Tesla's head of Autopilot and AI software, Ashok Elluswamy, admitted during a recent podcast appearance that the company is "maybe a couple of years" behind competitor Waymo. More on Tesla: You Can Suddenly Sense Elon Musk's Desperation
