Key Takeaways
- A majority of investors believe Musk’s political activity is hurting Tesla, a survey by Morgan Stanley found.
- Tesla shares jumped Wednesday as tech stock rallied, but remained on pace to decline for the eighth week in a row since President Donald Trump took office and Musk began leading the new administration’s Department of Government Efficiency.
- President Trump brought Tesla vehicles to the White House Tuesday and reportedly purchased one.
Most investors believe Tesla (TSLA) CEO Elon Musk‘s political activities are hurting the company, according to a survey by Morgan Stanley.
Some 85% of those surveyed said Musk’s political involvement is having a negative or extremely negative effect on the company’s business fundamentals. The survey window began Tuesday and drew 245 responses over a 17-hour span, Morgan Stanley said, noting respondents were not necessarily Tesla shareholders.
President Trump said on social media earlier this week he planned to buy a Tesla as a show of support for Musk, who leads the administration’s Department of Government Efficiency (DOGE). He reportedly followed through on that pledge, bringing an array of Tesla vehicles to the White House to make his choice with Musk on hand Tuesday.
Shares of Tesla rose more than 7% Wednesday as tech stocks rallied, but remained on pace to fall for the eighth week in a row since Trump took office and Musk began leading DOGE. The stock has lost all its post-election share gains, down nearly 50% from its record high late last year.
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