The U.S. stock market tumbled after a shocking Walmart Inc. report dragging down electric vehicle stocks.
On Thursday, Tesla shares fell 1.71%, Rivian dropped 2.30%, Lucid declined 1.78%, and Nikola plummeted 5.60%.
Tesla closed at $354.40, down 1.71%, as concerns over CEO-related issues weighed on the stock.
The electric vehicle giant has recently faced a downward trend due to mounting controversies involving its CEO.
Over the weekend, protesters gathered at Tesla showrooms across the United States, holding signs with slogans like “Musk, stop the coup.” Demonstrations even took place in Austin, Texas, home to Tesla’s headquarters.
The unrest stems from Musk’s perceived autocratic behavior. As head of the newly formed Department of Government Efficiency (DOGE), he has spearheaded massive layoffs of government employees.
Outraged citizens have taken to the streets with placards reading, “We never elected Musk.” These anti-Musk protests have spread rapidly nationwide.
The backlash has sparked a boycott of Tesla electric vehicles, contributing to a 17% decline in the company’s stock over the past month.
Tesla’s downturn has also impacted other electric vehicle manufacturers. Rivian’s stock fell 2.30% to $13.61, while Lucid dropped 1.78% to $3.31.
Nikola suffered the largest drop, with its stock plummeting 5.60% to just 44 cents.
This comes after Nikola’s 39.13% nosedive the previous day, following its bankruptcy protection filing in court.