A national protest movement, known as the TeslaTakedown, has emerged in response to Elon Musk’s influence on the company and his growing presence in politics. The movement aims to strike a blow to Musk’s net worth by targeting Tesla’s share price.
Organized by actor and filmmaker Alex Winter, the movement is urging Americans to “sell their Teslas” and “dump their stock.” This approach could have real repercussions, especially if a shareholder revolt were triggered during Musk’s prolonged foray into politics.
Tesla buyers who lean left are displaying anti-Elon bumper stickers outside Tesla dealerships across the country. The protests come amid an increasingly visible wave of popular revolts against corporations, with other companies facing backlash for their policies and actions.
The movement is focused on highlighting Musk’s extremism, which includes brandishing a Nazi salute during Trump’s January inauguration ceremony. By targeting Tesla’s share price, organizers hope to demonstrate the public’s discontent with Musk’s influence.
Tesla’s market capitalization stands at $1.14 trillion, with Musk owning around 13% of the company’s shares. While the company’s share price has skidded over the last month by nearly 15%, it remains vulnerable to market pressure. Sales are also suffering, particularly in Europe, where Tesla sales plunged by 59% in January following Musk’s endorsement of the far-right AfD party.
The movement is seen as a significant development, given Musk’s presidential mega-donor status and his close ties with the White House. The aim is not to “taint Tesla broadly,” but to convey to shareholders and the board that Musk’s behavior is toxic.
Source: https://www.inc.com/sam-blum/the-teslatakedown-has-begun-a-national-protest-movement-seeks-to-strike-a-blow-to-elon-musks-net-worth/91149903