4.6 • 12 Ratings
🗓️ 4 November 2024
⏱️ 5 minutes
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The mercurial billionaire’s fawning support of a Republican candidate who promises to roll back environmental progress is a dilemma for a company whose core buyers identify as climate-conscious Democrats.
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0:00.0 | Here's your Forbes Daily Briefing for Monday, November 4th. Today on Forbes, Elon Musk's relentless |
0:08.2 | trolling of Democrats is tarnishing Tesla. Elon Musk took a break from stumping for a Republican |
0:14.9 | presidential candidate Donald Trump to join Tesla's third quarter results call. The electric car |
0:20.5 | maker's better-than better than expected profit news |
0:22.5 | sent the stock soaring, wiping out a slump that persisted for much of the year. Fielding softball |
0:28.5 | questions from Tesla fans and analysts, the billionaire CEO was notably more impassive than his |
0:34.5 | spasmodic hopping-filled campaign appearances. Not once during the meandering 72-minute call |
0:40.2 | was Tesla's volatile leader asked the most obvious question. Should he take strident public stands |
0:46.1 | on politics and social issues that are at odds with Tesla core buyers who largely identify as |
0:51.5 | Democrats? Forbes spoke with longtime investor and former |
0:55.7 | Musk fan Ross Gerber, CEO of Los Angeles-based wealth manager Gerber Kawasaki, |
1:00.8 | who still has a $52 million stake in the company. He said, quote, |
1:06.0 | Tesla's are the best cars, so it still has this advantage. But over time, it will become harder for Tesla |
1:12.2 | to get new customers due to his politics. Most CEOs intelligently stay out of politics for good |
1:17.8 | reason. Elon doesn't care about how his right-wing, ironically anti-environmental support, hurts Tesla. |
1:26.5 | Multiple consumer surveys back this up. For example, 46% of people in the market |
1:31.7 | for an electric or plug-in hybrid vehicle identify as Democrats, while only 21% and 25% of |
1:38.9 | buyers of those vehicles say they are Republicans, according to data from Strategic Vision, |
1:46.0 | a San Diego-based research firm that surveys tens of thousands of consumers weekly. |
1:49.8 | Auto researcher Edmonds found in its most recent survey data that 31% of car shoppers say they're |
1:55.9 | now less likely to consider purchasing a Tesla as their next vehicle, specifically because of Musk. |
2:02.6 | Strategic Vision CEO Alexander Edwards told Forbes, quote, |
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