Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, has announced his intention to sell his Cybertruck due to the intense public backlash against the Tesla brand. Gerber cited the “hate” he has witnessed towards Tesla, including a black-wrapped Cybertruck with “F*** Musk” spray-painted on it.
What’s Behind the Backlash
The backlash against Tesla is largely driven by the company’s CEO, Elon Musk, and his involvement in the Department of Government Efficiency under the Trump administration. Protesters have gathered outside Tesla showrooms in several US cities, including New York, Seattle, and California, to demonstrate against Musk’s role in dismantling government agencies and conducting mass firings of federal workers.
Protests and Criticism
The protests have drawn attention to the legality of Musk’s actions, with some constitutional experts questioning the legitimacy of his role in the Department of Government Efficiency. Critics argue that Musk’s close alliance with Trump and right-wing politics could hurt Tesla’s sales, particularly in liberal markets like California.
Impact on Tesla’s Brand and Sales
Tesla’s brand challenges extend beyond the protests. The company has reported its first-ever annual sales decline in 2024, with multiple factors contributing to the downturn. Some investors worry that Musk’s politics could hurt sales, particularly in liberal markets. Additionally, Tesla’s sales have reportedly dropped 60% year-over-year in Germany following Musk’s support for the far-right Alternative für Deutschland party.
Price Action
Tesla’s stock price has fallen by 14.01% over the past month, with the company’s shares closing at $355.84 on Friday. In after-hours trading, the stock declined a further 0.52%.
Notable Reactions
Singer Sheryl Crow has publicly documented selling her Tesla on Instagram, citing her decision to “decide who you are willing to align with” and donating to NPR, which she described as “under threat by President Musk.” Ross Gerber’s decision to sell his Cybertruck is just one example of the growing backlash against Tesla and its CEO.
Key Takeaways
- Ross Gerber to sell Cybertruck due to intense public hostility toward Tesla brand
- Backlash against Tesla driven by Elon Musk’s involvement in Department of Government Efficiency
- Protests and criticism of Musk’s actions could hurt Tesla’s sales and brand
- Tesla’s stock price has fallen by 14.01% over the past month
- Notable reactions include Sheryl Crow selling her Tesla and donating to NPR