In a sharp reversal of fortune, Elon Musk has seen a staggering $68 billion wiped from his net worth in just 48 hours, amid mounting investor concerns and plummeting Tesla sales across Europe. The data, first reported by Reuters, reveals how deeply political controversy and strategic missteps are impacting the world’s most recognizable electric car company.
Tesla’s dramatic downturn appears to be decoupled from broader EV demand, pointing to issues specific to the brand rather than market conditions. Competitors are not just catching up—they’re surging ahead. BYD, the Chinese EV giant, has become one of the biggest beneficiaries. In Germany, BYD’s sales have quintupled, while in the UK they have quadrupled, signaling a clear shift in consumer preference.
MAGA is not the big buyer of EVs. Progressives are the ones propping up the EV market. Musk has shown himself to be ultra-MAGA and has alienated the majority of EV buyers. Tesla is losing ground and market to other EV companies. The end of Tesla may come sooner than we think, because Musk, even with a brief spat with trump, is still big time MAGA. It is not helping him in Europe and it certainly won't help him here in the US.