Elon Musk regularly makes big headlines for space travel and electric vehicle breakthroughs. But it's a social media post that's capturing attention lately.
You have said the actual truth
— Elon Musk (@elonmusk) November 15, 2023
On Nov. 15, Musk endorsed an antisemitic post on X (the site formerly called Twitter, owned by Musk) that has customers and investors balking, according to Business Insider. It could be a setback to his popular Tesla EV brand, as there's already evidence that some customers will be plugging in elsewhere.
The original antisemitic post alluded to the "great replacement" conspiracy theory often promoted by extremists that claims Jewish people are helping to replace white populations in Western countries with minority immigrants. The post also claimed that "Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them."
Musk replied, amplifying the message and calling it "the actual truth."
Investor Ross Gerber, who Business Insider reports held $74 million of Tesla stocks earlier this year, is among those switching to a competitor, in his case Rivian.
Tesla has been lowering prices as it tries to stay atop the EV market in the U.S. Reuters reports that the company owns 50% of the market, down from 62% earlier in the year. The company remains a global giant, however, even as it jockeys with China's BYD for the pace-setter worldwide.
The Cybertruck maker has also been in the news lately with glimpses of the unique, much-anticipated truck circulating online. Popular Science reports that deliveries are set to start on Nov. 30.
It remains to be seen how much the social media comments will impact orders. Though, Business Insider found other examples of customers who are moving on.
"The car is brilliantly designed and incredibly functional," Peter, a 2022 Tesla Model 3 owner from Vermont, who BI referenced by only his first name (by request), said. "However, until Musk leaves Tesla, I will not buy another of their products, and sadly I am considering selling my otherwise near-perfect Model 3."
Tesla stock was at $236.89 a share on the Nasdaq index as of Nov. 27, according to Barron's. It's a big improvement from the $104.64 S&P 500 mark posted amid "weakened demand" early this year, as reported by Reuters.
Still, another stock owner told BI they are "livid and appalled" and are considering selling their Tesla stock after 10 years of investing in the company.
It's part of a mixed bag of headlines for Musk and Tesla, which includes partnerships with hotels, plans to build more factories, investigations — and the latest social media post.
The latter news could have been avoided if Musk would have chosen not to respond to the antisemitic message.
"This exchange would have languished in obscurity had Musk not replied," CNBC quoted Yair Rosenberg, who wrote on the topic for The Atlantic.
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