Tesla Stock Plunges as "Tesla Takedown" Protests Enter Fifth Week

Tesla stock has suffered a sharp decline following mass protests at 90 showrooms across the United States last Saturday. The movement, known as "Tesla Takedown," has now entered its fifth week, urging the public to sell their Tesla vehicles and shares in protest against Elon Musk.

Elon Musk, who owns 411 million Tesla shares, or 13% of the company’s total stock, has urged employees to hold onto their shares. However, Tesla (TSLA) stock, which peaked at $479.86 on December 17, has now plunged 48%, closing at $248.71 last Friday.

Citing CNN International, Monday (March 24, 2025), data indicates a significant surge in Tesla vehicle resales during the first two weeks of March 2025. Among 2017 or newer Tesla models, 1.4% were listed for trade-in, a sharp increase from 0.4% during the same period last year.

Tesla Takedown Gains Momentum as Musk Faces Backlash

The protests were triggered by Elon Musk's leadership of the Department of Government Efficiency (DOGE), a federal agency focused on budget and workforce cuts. DOGE has proposed a 20% reduction in Internal Revenue Service (IRS) staff and the closure of the United States Institute of Peace.

The Tesla Takedown movement was initiated by Hollywood actor and director Alex Winter and Boston University academic Joan Donovan. It has now expanded to 28 states and Washington, DC, with increasingly large demonstrations at Tesla showrooms.

Protesters carried banners criticizing Musk, with slogans such as "Honk if you hate Elon" and "Sell your swasticar." They argue that Musk’s policies affect not just Tesla but also essential public services through government funding cuts.

One of the largest demonstrations took place at a Tesla showroom in Rockville, Maryland, last Saturday, drawing over 400 participants. While the number remained steady compared to the previous week, it marked a significant increase from the start of the campaign.

So far, Tesla has not responded to CNN’s request for comment regarding the protests and their impact on the company. Elon Musk has also yet to address the demonstrators’ calls for a boycott of Tesla and its stock.