Since entrepreneur Elon Musk acquired Twitter and expanded his political involvement, his company Tesla has suffered serious losses, while the successes of its competitors, on the contrary, have strengthened.
UNN writes with reference to Insideevs.
Details
Billionaire Elon Musk's public support for US President Donald Trump and his leading role in the controversial Department of Government Efficiency, which was associated with more than 280,000 layoffs, cost Tesla, the world's leading electric vehicle manufacturer associated with Musk, significant losses.
A new study by Yale University scientists at the National Bureau of Economic Research (NBER) shows how much this reputation has affected Tesla's sales.
It turned out that since Musk bought Twitter, his political involvement has cost Tesla more than a million cars sold. In addition, this trend was accompanied by the success of competitors, who, on the contrary, saw an increase in sales of electric vehicles and hybrids.
Until 2022, Tesla's sales were on the rise in all counties. However, when Musk bought Twitter in October 2022 and subsequently used it to amplify his political ambitions and alliance with the Republican Party, the electric car manufacturer's fortunes declined.
Overall, according to the study, Tesla could have sold 1-1.26 million more units in the US between October 2022 and April 2025 — 67-83% more than it actually sold.
The study directly links this drop in sales to Musk's "polarizing and partisan actions."
Recall
Tesla shareholders will vote on November 6 on an unprecedented compensation package of $1 trillion for Elon Musk. Consulting firm ISS advises rejecting the plan, citing "serious concerns about the scale and structure."