On Monday, Elon Musk’s activity on his social media platform X showcased a blend of typical political discourse, focusing on governmental inefficiencies, and content related to his automotive company, Tesla. Musk, who remains Tesla’s CEO, despite his significant engagement in a task force aimed at governmental reform, shared a variety of posts ranging from Tesla promotions to controversial statements about current social issues.
For instance, Musk shared a TikTok video featuring a user’s review of the Tesla Model Y. Additionally, he amplified pro-Tesla sentiments expressed by Robby Starbuck and Laura Loomer, both known for their right-leaning viewpoints. Over the weekend, he posted a video from a Tesla fan account showcasing a prototype of the Cybercab, an anticipated two-seater robotaxi expected to launch by 2026. In another post, he expressed gratitude to Tesla supporters amidst increasing acts of vandalism and arson against Tesla dealerships, which have come under attack recently.
Tesla’s Stock Performance
However, Musk’s intense social media engagement may be a response to Tesla’s challenging financial performance. On Monday, Tesla’s stock value dropped sharply, experiencing a decline of over 15%, marking one of the company’s most significant losses since its initial public offering in 2010. This decline erased substantial gains, totaling over $800 billion in market value, since reaching a high point in mid-December.
Several factors have contributed to this downturn: broader market uncertainties, potential recession indicators, and a growing negative perception of the Tesla brand, exacerbated by Musk’s actions in the political arena. Recently, a protest initiative named Tesla Takedown has emerged, calling for boycotts and organized demonstrations against the company’s operations, emphasizing dissatisfaction with Musk’s leadership.
Musk’s Responses to Protests
In response to the Tesla Takedown initiative, Musk has dismissed it as a fabricated effort orchestrated by affluent liberals. He further claimed, without evidence, that well-known philanthropists were funding these protests through the Democratic fundraising platform ActBlue, which is designed primarily to facilitate donations to political candidates. Musk’s accusations included referencing deceased individuals as current funders, leading to further scrutiny of his claims.
In a rebuttal, LinkedIn co-founder Reid Hoffman denied Musk’s assertions on X, stating he had not financed any protests against Tesla. Musk’s reply included insinuations regarding Hoffman’s associations, which prompted concerns over personal safety for Hoffman due to Musk’s previous comments.
The Influence of Online Discourse
Musk’s engagement on X also pushed forward controversial narratives, including a claim linking Tesla vandalism to political groups, despite no evidence substantiating such connections. During a reported cyberattack on X, which Musk attributed to external threats, he spread unverified information regarding allegations of coordinated attacks against Tesla properties by affiliated organizations.
Even as Tesla’s brand faces scrutiny, Musk continues to bolster content that promotes a defensive stance against negative perceptions. A recent post from a relatively obscure account, emphasizing solidarity with Tesla amidst protests and harassment incidents, was amplified by Musk to his vast audience, although it ultimately did not prevent a significant dip in Tesla’s market value.
