
Thousands of protestors took to the streets Saturday
in the nationwide “Hands Off” protests and a notable number of them carried signs that targeted Tesla CEO and founder Elon Musk.
In New York, a woman carried a sign
proclaiming “Deport Elon” along with a drawing of a Cybertruck. Another shows a photo of Musk wearing a Nazi uniform. In St. Joseph, Michigan, a sign states “No One Voted for
Musk” and the protestor’s dog wears a sign “Dogs Against Doge.”
More than 60 protests were planned for Saturday, and a dozen more for Sunday, at Tesla showrooms across
the United States.
"Just a week after more than 200 demonstrations took place at Tesla locations as part of the grassroots 'Tesla Takedown' movement, some locations doubled up on
Saturday as “Hands Off!” rally locations — a separately organized mass day of protests nationwide," according to CNN. "The Tesla Takedown campaign encourages Tesla drivers to sell their vehicles and
company stakeholders to sell their shares of stock to hurt the world’s richest man, whose wealth is mostly tied to the electric vehicle maker."
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Meanwhile, Bette Midler said
she sold her Tesla calling it a “'symbol of racism, greed and ignorance,” according to USA Today. “Midler's comments were
seemingly made in reference to Musk's involvement in President Donald Trump's second administration as the Tesla and SpaceX founder seeks to dramatically reshape American government by
reducing the size and scope of federal departments and agencies.”
Never before has the head of a company been so vilified by the American public with seemingly little regard
for the effects on business.
One of Wall Street’s most bullish Tesla analysts slashed his price target for the stock by 43%, citing a brand crisis created by
Musk.
“Tesla has essentially become a political symbol globally,” Daniel Ives, a Wedbush Securities analyst who’s rated the carmaker’s shares
a buy for the last four years, wrote in a report to clients Sunday, according to Bloomberg. “It is time for Musk to step up, read the
room, and be a leader in this time of uncertainty.”
Ives reduced his Tesla share-price target to $315 from $550, which had been the second-highest among the 72
analysts tracked by Bloomberg.
It’s not just celebrities getting rid of their Teslas. Vehicles that have been sold during the backlash against the company’s chief
executive have become bargains on used car lots.
“Dr. Jerome Winegarden of Ann Arbor, Mich., said goodbye to his Tesla, a Model 3,” according to The New York Times. “Although he had driven it only 35,000 miles, he traded it in
last month for a Ford F-150 Lightning electric pickup.”
Winegarden only received $18,000, well below the original sales price of around $40,000.
“I
just became increasingly concerned with Elon Musk and what he was doing, and the Nazi salute was the tipping point,” Winegarden said. “The symbolism was just too much. I felt shame just
driving the car.”