• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Tesla sales are falling rapidly after Elon Musk's continued endorsements of the far right

Home> News> US News

Published 15:10 26 Jul 2024 GMT+1

Tesla sales are falling rapidly after Elon Musk's continued endorsements of the far right

Tesla made $1.48 billion between April and June this year, in comparison to the $2.7 billion made in the same period last year

Lucy Devine

Lucy Devine

Tesla sales have declined - but could Elon Musk's continuous endorsement of Trump have anything to do with it?

Elon Musk's company shared its earnings for the second quarter of the year yesterday (July 25) revealing that income is down 45 percent in comparison to 2023.

The company made $1.48 billion between the months of April and June this year, in comparison to the $2.7 billion made in the same period last year.

Advert

While revenue actually rose by two percent, shares of Tesla have plummeted by around eight percent.

Elon Musk's company shared its earnings for the second quarter of the year. (Marc Piasecki/Getty Images)
Elon Musk's company shared its earnings for the second quarter of the year. (Marc Piasecki/Getty Images)

It's led people to wonder whether Musk's endorsement of Donald Trump could be impacting Tesla sales.

For example, following the earnings report this week, Forbes has questioned whether Musk's political decisions could be hurting the company.

Advert

It comes as The Wall Street journal reported that the CEO was donating $45 million a month in political action committee (PAC) to support Trump, just last week.

However, Musk has categorically denied this, telling Jordan Peterson that it's 'simply not true'.

"What's been reported in the media is simply not true. I am not donating $45 million a month to Trump," he said.

Tesla's sales have fallen over the past year. (Justin Sullivan/Getty Images)
Tesla's sales have fallen over the past year. (Justin Sullivan/Getty Images)

Advert

He later added on Twitter: "I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting a meritocracy and individual freedom. Republicans are mostly, but not entirely, on the side of merit and freedom."

Musk has been voicing his support on social media, too, where he said his beliefs are more closely aligned with that of the Republican party.

"One of those values being meritocracy, as much meritocracy as possible, so you get ahead as a function of your skill, and nothing else," he said.

Meanwhile, following the attempted assassination of Trump earlier this month, Musk tweeted: "I fully endorse President Trump and hope for his rapid recovery."

Advert

Musk has endorsed Donald Trump. (Bill Pugliano/Getty Images)
Musk has endorsed Donald Trump. (Bill Pugliano/Getty Images)

Meanwhile, Trump has said: "I love Elon Musk. We have to make life good for our smart people, and he's as smart as you get."

Following Musk's endorsement, many are wondering if he could have alienated much of Tesla's core market.

Many have questioned how it would help the electronic vehicle market, considering Trump hasn't always supported the vehicles.

Advert

"It would be devastating for our competitors, and it would hurt Tesla slightly but long term probably actually helps Tesla would be my guess," Musk allegedly said in a conference call this week, as per Reuters.

UNILAD has reached out to Tesla for comment.

Featured Image Credit: Justin Sullivan/Getty Images / John Paraskevas/Newsday RM via Getty Images

Topics: Tesla, Elon Musk

Lucy Devine
Lucy Devine

Advert

Advert

Advert

  • Elon Musk's net worth plummeted by $15,000,000,000 after Tesla Cybercab event
  • Woman tests 'creepy' new Tesla feature after Elon Musk's Cybercab announcement
  • Tesla value drops $15,000,000,000 and Elon Musk is at the center of why
  • Elon Musk's Tesla forced to fix one mistake in 4,000,000 vehicles that could end up costing $10,000,000,000

Choose your content:

8 mins ago
an hour ago
2 hours ago
  • 8 mins ago

    Miley Cyrus' brother shares scathing post about dad Billy Ray explaining why he is 'fame hungry' and 'pathetic'

    Trace Cyrus has revealed what he really thinks about his father

    Celebrity
  • an hour ago

    Police commissioner says there appears to be no survivors after airplane with 242 on board crashes shortly after takeoff

    Commissioner G.S. Malik has shared an update

    News
  • an hour ago

    People baffled after seeing Pope Leo don 'wild' piece of clothing at the Vatican

    People couldn't believe what they were seeing but praised the pope

    News
  • 2 hours ago

    Police officials confirm airplane with 242 on board crashed into medical college hostel

    The plane crashed minutes after taking off from the airport

    News