Elon Musk Is So Unpopular, He May Be Hurting the Entire EV Industry
A new study published this week in the journal Nature examined whether perceptions of Musk have made Teslas more polarizing than other EVs. The researchers conducted a series of surveys starting in November 2023 up until March 2025. In each, participants were asked whether they would consider purchasing either a Tesla or an unspecified EV.
'Liberals showed declining intentions to purchase Teslas compared with other EVs, and, to a lesser extent, declining intentions to purchase EVs in general,' the researchers wrote.
They added that the effect is connected to negative perceptions of Musk, particularly as he's embraced a more conservative public persona.
The study spans the period before and after Elon Musk went all-in on U.S. politics, starting before he publicly endorsed Donald Trump and continuing through his brief role in the Trump administration.
Musk first backed Trump on July 13, the same day as Trump's assassination attempt.
'I fully endorse President Trump and hope for his rapid recovery,' Musk wrote on X.
He ended up spending $277 million to support Trump and other Republican candidates. His America PAC also ran a controversial canvassing operation, with reports of harsh working conditions and impossible to meet quotas.
Following Trump's win in November 2024, Musk was tapped to lead the newly formed Department of Government Efficiency (DOGE). Under Musk's leadership, DOGE slashed funding and eliminated jobs at multiple federal agencies, including the United States Agency for International Development (USAID). Some global health experts estimate that cuts to USAID's anti-HIV/AIDS programs have resulted in more than 90,000 deaths worldwide.
Musk eventually had a high-profile falling-out with Trump and stepped down from DOGE, but damage to his reputation, especially among liberals, was already done. His current attempts to launch a new political party have yet to gain any real traction.
And probably most troubling for Musk, Tesla sales continue to drop. The study pointed out that conservatives still aren't that into EVs, which means there aren't enough new buyers to make up for the liberals who are walking away.
Earlier this month, Tesla reported that its car sales fell 13% year-over-year in the second quarter. And in Europe, Tesla has stopped taking new orders for its Model S and Model X vehicles, according to Electrek.
Tesla did not immediately respond to a request for comment from Gizmodo.
The study researchers noted that in the later surveys, liberal participants were noticeably less supportive of EVs than they were in earlier iterations, especially when they held negative views of Musk. This 'Tesla backlash effect,' combined with conservatives' consistent dislike of EVs, suggests that a polarizing CEO can hurt not just their own brand, but an entire industry.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
3 Stocks That Shoppers Love But Wall Street Hates… And That Could Soar From Here
A new meme stock rally has emerged, potentially surpassing the 2021 craze in scale, according to WallStreetBets founder Jaime Rogozinski. Struggling retailers and consumer brands, such as Kohl's (KSS), GoPro (GPRO), and Krispy Kreme (DNUT) surged last week, apparently driven by retail investors mobilizing online. American Eagle (AEO) stock jumped 10% after announcing Sydney Sweeney as a brand ambassador, exemplifying how celebrity endorsements now drive trading. Meme stock traders often disregard fundamentals, instead supporting brands based on emotional or ideological reasons. For example, Trump Media (DJT) is valued at $4 billion yet generates just $1 million in quarterly revenue. More News from Barchart Morgan Stanley Says Nvidia Has 'Exceptional' Strength. Should You Buy NVDA Stock Here? Dear MicroStrategy Stock Fans, Mark Your Calendars for July 31 2 Growth Stocks Wall Street Predicts Will Soar 74% to 159% Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! If you are looking for more meme mania, here are three consumer brands that could rally from current levels, given that they are highly shorted. Meme Stock #1: Kohl's Kohl's stock erupted last Tuesday, surging as much as 105% in early trading before closing 37% higher on July 22 at $14.34. The surge appears to be driven primarily by social media hype rather than fundamental factors. With nearly 45% of Kohl's float sold short, it became a prime target for retail traders seeking to trigger a short squeeze. Trading was temporarily halted due to extreme volatility as the stock oscillated wildly between gains and losses. Kohl's business remains troubled despite the stock euphoria. Its Q1 earnings call revealed ongoing challenges, with comparable sales declining 3.9% and leadership instability following the termination of CEO Ashley Buchanan. Market experts warn that meme stock rallies typically see companies collapse back to pre-surge levels once the frenzy subsides, making ongoing gains unlikely. Out of the 12 analysts covering KSS stock, six recommend 'Hold,' one recommends 'Moderate Sell,' and five recommend 'Strong Sell.' The average stock price target for KSS stock is $7.69, 32% below the current price. Meme Stock #2: Beyond Meat Down almost 99% from its all-time highs, Beyond Meat (BYND) stock has nearly 40% of its float sold short and may be on the watchlist of meme stock traders. In Q1, Beyond Meat reported sales of $68.7 million, down more than 9% year over year amid challenges in the plant-based meat category. It posted a gross loss of $1.1 million, marking a sharp reversal from the $3.7 million profit achieved in the same period last year. Volume decreased 11.2% year-over-year, driven by weak demand in U.S. retail and foodservice channels, distribution losses as retailers moved products from refrigerated to frozen sections, and broader macroeconomic pressures affecting consumer spending. CEO Ethan Brown acknowledged this represented 'a deviation from the previous 2 quarters,' when the company had shown signs of recovery. Moreover, Beyond Meat withdrew its full-year guidance, citing elevated uncertainty. Despite operational challenges, Brown remains focused on cost reduction and improving consumer perception through new marketing campaigns, emphasizing a commitment to profitability over growth. Out of the eight analysts covering BYND stock, four recommend 'Hold' and four recommend 'Strong Sell.' The average target price for BYND stock is $2.71, 16% below the current price. Meme Stock #3: 1-800 Flowers The final meme stock on the list is 1-800 Flowers (FLWS), which has nearly 73% of its float sold short. Two analysts cover FLWS stock, with one recommending a 'Strong Buy' and the other recommending a 'Hold.' The average target price for FLWS stock is $8.50, 44% above the current price. 1-800-Flowers delivered a massive Q3 earnings miss, posting a loss of $0.71 per share against analyst expectations for a loss of $0.34, while revenue plunged 12.6% to $331.5 million. CEO Jim McCann acknowledged significant self-inflicted wounds, particularly a 'colossal screw up' with the company's order management system implementation that cost $11 million over two quarters and disrupted customer service during the critical holiday period. The Consumer Floral and Gifts segment declined 11.4%, while Gourmet Foods plummeted 18.2%. In response to these challenges, the company unveiled its ambitious 'Celebrations Wave' strategy, representing what McCann called their 'sixth wave of innovation.' The initiative aims to create a comprehensive celebrations ecosystem using AI and personalized experiences to reduce customer acquisition costs and increase engagement. The company withdrew full-year guidance amid macroeconomic uncertainty and rising marketing costs, with net debt jumping to $75 million from $9 million year-over-year, highlighting the urgent need for a strategic overhaul. On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
Virginia Giuffre's family expresses shock over Trump saying Epstein 'stole' her
The family of Virginia Giuffre, who was among Jeffrey Epstein's most well-known sex trafficking accusers, said that it was shocking to hear President Donald Trump say the disgraced financier 'stole' Giuffre from him and urged that Epstein's former girlfriend Ghislaine Maxwell remain in prison. Giuffre, who had accused Britain's Prince Andrew and other influential men of sexually exploiting her as a teenager trafficked by Epstein, has been a central figure in conspiracy theories tied to the case. She died by suicide this year. Her family's statement is the latest development involving Epstein, who took his own life in a New York jail in 2019 while facing federal sex trafficking charges, and the Republican president, who was his one-time friend. Trump denied prior knowledge of Epstein's crimes and said he cut off their relationship years ago, but he still faces questions about the case. Trump, responding to a reporter's question on Tuesday, said that he got upset with Epstein over his poaching of workers and that Epstein had stolen Giuffre from his Palm Beach, Florida, club. 'It was shocking to hear President Trump invoke our sister and say that he was aware that Virginia had been 'stolen' from Mar-a-Lago,' the family's statement said. 'We and the public are asking for answers; survivors deserve this,' it continued. White House press secretary Karoline Leavitt noted the president was responding to a reporter's question and didn't bring up Giuffre himself. 'The fact remains that President Trump kicked Jeffrey Epstein out of his club for being a creep to his female employees,' she said. The family's statement comes shortly after the Justice Department interviewed Maxwell, who was convicted in 2021 on sex trafficking and other charges and is serving a 20-year sentence in Tallahassee, Florida. Deputy Attorney General Todd Blanche interviewed Maxwell in a Florida courthouse, though details about what she said haven't become public. Maxwell's lawyers have said she testified truthfully and answered questions 'about 100 different people." They have said she's willing to answer more questions from Congress if she is granted immunity from future prosecution for her testimony and if lawmakers agree to satisfy other conditions. A message seeking comment about the Giuffre family's statement was sent to Maxwell's attorney Thursday. A Trump administration official said the president is not considering clemency action for Maxwell. Giuffre said she was approached by Maxwell in 2000 and eventually was hired by her as a masseuse for Epstein. But the couple effectively made her a sexual servant, she said, pressuring her into gratifying not only Epstein but his friends and associates. Giuffre said she was flown around the world for appointments with men including Prince Andrew while she was 17 and 18 years old. The men, including Andrew, denied it and assailed Giuffre's credibility. She acknowledged changing some key details of her account. The prince settled with Giuffre in 2022 for an undisclosed sum, agreeing to make a 'substantial donation' to her survivors' organization. The American-born Giuffre lived in Australia for years and became an advocate for sex trafficking survivors after emerging as a central figure in Epstein's prolonged downfall. Her family's statement said she endured death threats and financial ruin over her cooperation with authorities against Epstein and Maxwell.
Yahoo
23 minutes ago
- Yahoo
Trump administration cancels plans to develop new offshore wind projects
The Trump administration is canceling plans to use large areas of federal waters for new offshore wind development, the latest step to suppress the industry in the United States. More than 3.5 million acres had been designated wind energy areas, the offshore locations deemed most suitable for wind energy development. The Bureau of Ocean Energy Management is now rescinding all designated wind energy areas in federal waters, announcing on Wednesday an end to setting aside large areas for 'speculative wind development." Offshore wind lease sales were anticipated off the coasts of Texas, Louisiana, Maine, New York, California and Oregon, as well as in the central Atlantic. The Biden administration last year had announced a five-year schedule to lease federal offshore tracts for wind energy production. Trump began reversing the country's energy policies after taking office in January. A series of executive orders took aim at increasing oil, gas and coal production. The Republican president has been hostile to renewable energy, particularly offshore wind. One early executive order temporarily halted offshore wind lease sales in federal waters and paused the issuance of approvals, permits and loans for all wind projects. In trying to make a case against wind energy, he has relied on false and misleading claims about the use of wind power in the U.S. and around the world. The bureau said it was acting in accordance with Trump's action and an order by his interior secretary this week to end any preferential treatment toward wind and solar facilities, which were described as unreliable, foreign-controlled energy sources. Robin Shaffer, president of Protect Our Coast New Jersey, applauded the administration for its actions and said they were long overdue. Opponents of offshore wind projects are particularly vocal and well-organized in New Jersey. 'It's hard to believe these projects ever got this far because of the immensity, scale, scope and expense, compared to relatively cheap and reliable forms of onshore power,' he said Thursday. 'We're nearly there, but we haven't reached the finish line yet.' Attorneys general from 17 states and the District of Columbia are suing in federal court to challenge Trump's executive order halting leasing and permitting for wind energy projects. His administration had also halted work on a major offshore wind project for New York, but allowed it to resume in May. The nation's first commercial-scale offshore wind farm, a 12-turbine wind farm called South Fork, opened last year east of Montauk Point, New York. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Jennifer Mcdermott, The Associated Press
