Tesla stock soars despite boycott attempts by Democrats
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In a remarkable turn of events, the progressive left’s relationship with Tesla has dramatically shifted from unwavering support to active opposition, with many now encouraging boycotts against the electric vehicle manufacturer and celebrating its stock market challenges, presumably due to Elon Musk’s political positions.
This strategy raises two significant concerns. Beyond the troubling implications of what amounts to political extortion – the implicit threat that companies must conform to certain ideological positions or face economic consequences – this approach appears to be failing to achieve its intended impact.
A prime example of this antagonistic attitude comes from former Minnesota Governor Tim Walz, who served as Kamala Harris’s running mate and continues to maintain an inexplicably prominent presence in political discourse. He recently expressed satisfaction over Tesla’s market difficulties, suggesting people should find joy in the company’s stock decline and the potential shift of jobs to foreign automakers. This stance is particularly ironic given Walz’s questionable claims about his presence at Tiananmen Square and alleged connections with Chinese Communist Party officials during his youth.
I called my financial advisor and told him to take 1% outta ten stocks in my portfolio and invest it in Tesla.. I'll be in for (10%) of Tesla Friday
Time to for us to show Elon some gratitude for what he's done, and make money at the same time
$265 a share … it's a win, win pic.twitter.com/En9hAdSvE2
— @Chicago1Ray 🇺🇸 (@Chicago1Ray) March 19, 2025
However, this gleeful reaction to Tesla’s supposed downturn overlooks several crucial market factors. The company’s stock performance reflects broader market conditions, with the overall stock market experiencing a correction after a period of artificial inflation. Additionally, the entire electric vehicle sector faces growing investor skepticism as adoption rates outside key markets prove slower than anticipated, complicated by supply chain dependencies on China.
Tesla’s long-term performance tells a different story. Since its 2010 IPO at $1.28 per share, the stock has achieved an impressive 18,326 percent increase, reaching $235.86 by Wednesday’s close. While this represents a decline from its peak of $488.54, it’s a significant improvement from its 52-week low of $138.80, showing a gain of over $97 per share for those who invested at the bottom.
Contrast this with Rivian Automotive, a major Tesla competitor in the premium EV market. Since its November 2021 IPO at $129.95, Rivian’s stock has plummeted to $11.36, losing over 91 percent of its value. If Tesla’s challenges were primarily due to boycotts and Musk’s controversial public image, one would expect Rivian to benefit, yet it hasn’t.
Kevin O'Leary nails it on multiple points here:
1. Anyone who lights a car on fire should go to jail, no exceptions
2. Tim Walz is a moron because Minnesota's pension plan is backed by Tesla stock pic.twitter.com/x5bEBgIGov
— Nick Adams (@NickAdamsinUSA) March 20, 2025
Similarly, X (formerly Twitter) has defied predictions of decline under Musk’s ownership. The Financial Times reports its valuation has returned to $44 billion, matching Musk’s purchase price. The platform has secured $1 billion in new equity investment, with Musk participating, and is evolving under CEO Linda Yaccarino’s leadership toward becoming an “everything app” with modified content policies and payment capabilities.
While concerns persist about left-wing activists encouraging vandalism against Tesla vehicles and owners, potentially driving up insurance costs through intimidation tactics, these efforts haven’t significantly impacted investor confidence or broader market performance. The Democratic leadership’s satisfaction with Tesla’s perceived struggles appears premature and misguided, as the company continues to demonstrate resilience despite these challenges.
