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Musk offered no proof of his assertions; to a person, every protester who spoke to WIRED insisted that they are not being paid and are exactly what they appear to be: people who are angry at Elon Musk. They call their movement the “Tesla Takedown.”
Before Musk got on the call to speak to investors, Tesla, which arguably kicked off a now multitrillion-dollar effort to transition global autos to electricity, had presented them with one of the company’s worst quarterly financial reports in years. Net income was down 71 percent year over year; revenue fell more than $2 billion short of Wall Street’s expectations.
Now, in Seattle, just the first few minutes of Musk’s remarks left the partygoers, many veterans of the climate movement, giddy. Someone close to the staticky speakers repeated the best parts to the small crowd: “I think starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. Under a spinning disco ball, people whooped and clapped. Someone held up a snapshot of Tesla’s stock performance over the past year, a jagged but falling black line.
“If you ever wanted to know that protest matters, here’s your proof,” Johnston recalled weeks later.
The Tesla Takedown, an effort to hit back at Musk and his wealth where it hurts, seems to have appeared at just the right time. Tesla skeptics have argued for years that the company, which has the highest market capitalization of any automaker, is overvalued. They contend that the company’s CEO has been able to distract from flawed fundamentals—an aging vehicle lineup, a Cybertruck sales flop, the much-delayed introduction of self-driving technology—with bluster and showmanship.
Musk’s interest in politics, which kicked into a new and more expensive gear when he went all in for Donald Trump during the 2024 election, was always going to invite more scrutiny for his business empire. But the grassroots movement, which began as a post on Bluesky, has become a boisterous, ragtag, and visible locus of, sorry to use the word, resistance against Musk and Trump. It’s hard to pin market moves on any one thing, but Tesla’s stock price is down some 33 percent since its end-of-2024 high.
