During Elon Musk’s two months in Washington, D.C., Tesla shares have been on a precipitous decline, losing over 40% of their value.
Protests and campaigns against Tesla, Musk and his work in the Trump White House have erupted around the world. Criminal acts of vandalism and arson have also targeted some Tesla electric vehicles, showrooms and charging stations in a string of incidents in the U.S. and across Europe. At an all-hands meeting with Tesla employees on Thursday evening, Musk addressed some of those issues, while trying to reassure employees that they were still in good hands, and to “hang onto your stock.” The shares closed more than 5% higher on Friday at $248.71.
In recent months, Tesla’s new vehicle sales have fallen in Europe and in parts of the U.S. and China. The company is facing trade uncertainty after multiple executive orders from President Trump imposed new tariffs on goods and materials from Canada, Mexico and China, home to crucial Tesla suppliers. National car shopping site Edmunds said this week that Tesla owners are trading in their electric vehicles at record levels.