By Katherine Tinsley
2:43pm PST, Mar 5, 2025
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According to
Barron's, Tesla's stock dropped by 4.4% as investors begin to consider Trump's tariffs and foreign trade policies.
Adding to the brand's financial troubles, s
ome left-leaning consumers have called for a boycott or "buyers strike" of Tesla products over its CEO's divisive politics.
The South African businessman has developed a close friendship with the president and often accompanies him to political gatherings.
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While Tesla lenders might be disappointed in this week's stock performance, they might soon notice a rebound in their portfolios.
In February, Tesla sold 42,000 cars — about 14% more than the 37,000 sold in February 2024, according to Ward's Automotive.
Reports also show shares were up about $20, or 8%, since the 2024 election, and by December of last year, they traded above $480.
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Tesla is an American car company, but many of its parts are imported from China, Mexico, India and Taiwan.
Tesla's wholesale number for China in February dropped nearly 50%, driving down its stock evaluation.
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Musk, who owns X, has been vocal about international relations and DOGE's work but has seemingly avoided discussing Tesla and its performance on the social media platform.
However, he has reposted comments on X claiming he's a "mission driven" entrepreneur and not fixated on monetary gain.
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During his State of the Union address on Tuesday, March 4, Trump celebrated the development of DOGE.
"I have created the brand new Department of Government Efficiency — DOGE," he told congress, adding, "Perhaps you've heard of it."
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Trump later applauded Musk's efforts while he watched from the crowd.
"[DOGE] is headed by Elon Musk, who is in the gallery tonight," the former reality star said.
"Thank you, Elon. He's working very hard. He didn't need this," Trump continued. "He didn't need this. Thank you very much. We appreciate it. Everybody here — even this side — appreciates it, I believe. They just don't want to admit that."
