Tesla has seen its net income fall by more than two thirds as the global backlash against Elon Musk continues.
It’s safe to say that hitching his wagon to the Donald Trump train has been nothing short of a financial disaster for Musk.
From collapses in stock price to plummeting sales, Tesla has gone from a record-breaking high in December to now being in free fall.
This trend hasn’t changed with the latest company figures either. For the first quarter of 2025, Tesla has reported a staggering 71% fall in net income for this period, to $409m, while total revenue from car sales fell by 20%.
These are the lowest profits the Texas-based company has reported since the end of 2020, the Financial Times reports.
The stats seem to have finally convinced CEO Musk to step away from Trump’s administration, with the world’s richest man telling investors he will be “allocating more of my time to Tesla.”
Much of Tesla’s declining financial performance can be put down to the growing boycott of the company because of Musk’s political actions.
As Trump’s ‘first buddy’ and the head of the Department for Government Efficiency, Musk has spearheaded deep government cuts, including shutting down the US global aid department and accusations of widespread fraud within the Social Security system.
Actions such as his salute on inauguration day and vocal support for far-right parties and figures across the world have also contributed to people shunning Tesla.
Some Tesla cars, dealerships and charging stations have vandalised in protest against Musks’s influence in government.
Meanwhile, Trump’s tariffs has also had a huge impact on Tesla, with Musk in clear opposition to the policy.
Along with Tesla’s plummeting sales and value, Musk is apparently also keen to step away from politics because of what he believes are ‘vicious’ attacks on him from the left.
It sounds like someone doesn’t like reaping what they sow.
Related: Elon Musk is ‘biggest loser’ from Trump’s presidential chaos