Will You Stop Buying Tesla? Protests and Investor Concerns Grow Over Elon Musk.

Demonstrators gathered at more than 50 Tesla showrooms across the United States on Saturday, protesting CEO Elon Musk's involvement in government downsizing through the Department of Government Efficiency (DOGE), established by President Donald Trump.

Tesla Takedown: A Movement Against Musk

The protests, part of the "Tesla Takedown" movement, aim to persuade stakeholders to "sell your Teslas, dump your stock, join the picket lines."

"Creating a vote of no confidence in him from the shareholders, that would be the ultimate goal," said Alex Winter, a Los Angeles-based actor and filmmaker leading the movement, in an interview with CNN.

Elon Musk

The first Tesla Takedown protest took place on February 15 after Winter discussed the idea with Joan Donovan, a sociologist and professor at Boston University. The idea gained traction on Bluesky, a social media platform seen as an alternative to Musk’s X.

Criticism Over Musk’s Role in DOGE

Musk assumed leadership of DOGE on January 20, sparking immediate criticism due to mass layoffs, dismantling the US Agency for International Development, and his interest in accessing sensitive payment systems.

The backlash has extended beyond the United States. On Friday, a protest took place in Barcelona, and additional demonstrations are planned in London, Lisbon, and Reykjavik over the weekend, according to Winter.

"I am very satisfied, even with where we are now," Winter stated. "We provided people an easy way to protest during a very difficult time."

Protests Gain Momentum

The size of protests has varied, with some of the largest taking place in Boston, Portland, California, and Florida. Approximately 1,000 protesters gathered in Tucson, Arizona, while in Washington, DC, a small group of two demonstrators outside a Georgetown Tesla showroom grew to about 20 within an hour.

Chants like "Elon Musk has got to go" filled the air, with drivers honking in support. Peter Jones, a 59-year-old pilot, said he felt powerless in the face of Musk’s decisions.

"Nobody can keep up with all of the destruction. I don’t feel empowered unless we get out into the street; that’s one thing we have—mass."

His wife, Bonnie Jones, raised concerns about Musk’s other ventures, including Starlink, arguing that he hasn't been properly vetted like other Trump appointees.

Long-time activist Donna Powell added, "Tesla stock has been going down, and we want to see that continue. We also hope Congress will grow a spine and do what they’re elected to do."

Tesla’s Financial Woes and Investor Backlash

Tesla’s declining sales and stock value are adding to Musk’s troubles. The automaker’s global sales fell 1.1% in 2024—its first annual decline in 12 years. The company also reported a 16% decline in sales between December and January, following a 24% drop the previous year.

While Musk’s government involvement has sparked backlash, analysts suggest Tesla’s declining sales are also due to limited new vehicle updates and rising competition from General Motors, Ford, and Volkswagen. Chinese EV giant BYD has overtaken Tesla as the world’s largest electric vehicle manufacturer and even outsold Tesla in the UK.

Investors Push Back

Tesla’s stock has been on a downward spiral, falling for six straight days before a brief recovery on Friday. The stock has plummeted 25% since the beginning of 2025, with net profits dropping 71% and revenue from vehicle sales shrinking by over $5 billion in 2024.

Investors are beginning to turn on Musk, with some mocking his controversial demand for federal workers to email weekly progress reports or risk being fired.

Related: DOGE Gains Access to Confidential Housing & Medical Records

"Please share five things you did for Tesla shareholders this week," Tesla investor Jerry Avenaim tweeted in response to Musk, prompting copycats.

Tesla investors have expressed frustration before. Last year, some refused to approve Musk’s multi-billion-dollar pay package, citing his lack of focus on the company.

Musk’s Reputation and Tesla’s Future

Paul Argenti, a communications professor at Dartmouth College’s Tuck School of Business, explained that Musk’s brand is inseparable from Tesla’s success.

"I am completely convinced that the CEO’s reputation goes along with the success of the company," he told Axios.

However, Argenti warned, "You don’t want the CEO to be the only source of brand equity for the company. That’s a disaster, and we’ve seen that happen before with examples like Elon Musk, Steve Jobs, or Martha Stewart."

With protests gaining momentum, Tesla’s financial struggles mounting, and investor patience wearing thin, the question remains:

Will people stop buying Teslas?