Tesla’s stock plummeted more than 30 percent in the first quarter of 2025, losing its post-election gains, as the electric vehicle pioneer grapples with an unexpected challenge: a consumer revolt against CEO Elon Musk’s leadership of the so-called Department of Government Efficiency and his political alliances.
Once celebrated across the political spectrum, Tesla has transformed from an environmental icon into a political flashpoint.
Tesla dealerships have become symbols, explains Lara Starr, who organized a 200-person demonstration in Marin County, California. “You can’t disentangle Tesla from Musk, and you can’t disentangle Musk from Trump. And the one thing I can say about Musk positively is he has handed us a place in almost every community around the country that is symbolic of everything wrong that is going on in Washington.”
The impact of this grassroots rebellion is beginning to show in Tesla’s financial reports. Global sales have hit historic lows for the company, with particularly sharp declines in traditionally strong markets.
Despite Tesla’s business challenges, the billionaire poured considerable resources on reshaping America’s political landscape. His political spending — including with his super PAC spending $25 million in a single Wisconsin Supreme Court race — has yielded disappointing returns. His preferred candidate was defeated.
In this week’s episode of The Intercept Briefing, reporters Matt Sledge and Sunjeev Bery examine this grassroots rebellion and what it reveals about Musk’s power and the future of political activism.
“There’s been a lot of talk about how the Democrats are in disarray and not sure how to recover from the election last year. But this [Wisconsin] election — and the way that Elon Musk got involved and personalized it and made it about himself — gave Democrats an easy yes-no vote on Elon Musk, and I think that was really significant here,” says Sledge.
He points out how that election is also a rebuke of the Trump–Musk alliance: “ It is fascinating that it is happening through this electoral mechanism, and that people are being allowed to give a referendum on this relationship, and that the democratic process is potentially having a direct input on this relationship.”
Intercept contributor Sunjeev Bery says the Tesla protests are much bigger than just Tesla or Musk. “The Tesla takedown movement has become this astonishing wave of opposition to Trump, the fascist directions of the Trump regime, everything Elon Musk is pushing with DOGE. It’s a place where lots of people who are angry about all of the different things that the Trump regime is up to — all of the fires they’re setting — can come together and focus on Elon Musk, Tesla, and the physical place of his dealerships.”
Listen to the full conversation of The Intercept Briefing on Apple Podcasts, Spotify, or wherever you listen.
IT’S EVEN WORSE THAN WE THOUGHT.
What we’re seeing right now from Donald Trump is a full-on authoritarian takeover of the U.S. government.
This is not hyperbole.
Court orders are being ignored. MAGA loyalists have been put in charge of the military and federal law enforcement agencies. The Department of Government Efficiency has stripped Congress of its power of the purse. News outlets that challenge Trump have been banished or put under investigation.
Yet far too many are still covering Trump’s assault on democracy like politics as usual, with flattering headlines describing Trump as “unconventional,” “testing the boundaries,” and “aggressively flexing power.”
The Intercept has long covered authoritarian governments, billionaire oligarchs, and backsliding democracies around the world. We understand the challenge we face in Trump and the vital importance of press freedom in defending democracy.
We’re independent of corporate interests. Will you help us?
IT’S BEEN A DEVASTATING year for journalism — the worst in modern U.S. history.
We have a president with utter contempt for truth aggressively using the government’s full powers to dismantle the free press. Corporate news outlets have cowered, becoming accessories in Trump’s project to create a post-truth America. Right-wing billionaires have pounced, buying up media organizations and rebuilding the information environment to their liking.
In this most perilous moment for democracy, The Intercept is fighting back. But to do so effectively, we need to grow.
That’s where you come in. Will you help us expand our reporting capacity in time to hit the ground running in 2026?
We’re independent of corporate interests. Will you help us?
I’M BEN MUESSIG, The Intercept’s editor-in-chief. It’s been a devastating year for journalism — the worst in modern U.S. history.
We have a president with utter contempt for truth aggressively using the government’s full powers to dismantle the free press. Corporate news outlets have cowered, becoming accessories in Trump’s project to create a post-truth America. Right-wing billionaires have pounced, buying up media organizations and rebuilding the information environment to their liking.
In this most perilous moment for democracy, The Intercept is fighting back. But to do so effectively, we need to grow.
That’s where you come in. Will you help us expand our reporting capacity in time to hit the ground running in 2026?
We’re independent of corporate interests. Will you help us?
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