Some have put the falls in Tesla sales down to Musk’s involvement with President Trump.
More than $100billion has been wiped off the value of Tesla, after a collapse in sales in Europe, spelling more misery for its owner and tech billionaire Elon Musk.
It was recently reported that Tesla sales have slumped in Europe during January, with Musk’s ‘toxic influence’ on the brand being blamed as among the reasons why. Musk’s support for Trump has proved to be detrimental for his business interests, as progressives hit back.
Musk, who has been rewarded for spending $250 million on Trump’s campaign for the White House with a role in his administration, has been widely condemned in recent months for his support for far-right parties in Europe as well as attempted interference in the elections of other countries.
Musk was also criticised for giving a Nazi-style salute at a Trump inauguration rally. The latest figures show that Tesla experienced a decline in sales across five European countries in January, including a fall of nearly 12% in the UK.
The company performed poorly in other European countries too, recording a 63% decline in January sales for Tesla in France, drops of 44% and 38% in Sweden and Norway, and a 42% decline in the Netherlands.
With Tesla stocks declining by 25% this year, that has resulted in a loss of $100 billion since December.
Some have put the falls in Tesla sales down to Musk’s involvement with President Trump. Last month saw protests outside Tesla showrooms in cities including New York, Seattle, Kansas City and across California, with many of those taking part carrying placards likening the Trump administration to Nazis.
Basit Mahmood is editor of Left Foot Forward
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