Lucy Devine
Tesla sales have declined - but could Elon Musk's continuous endorsement of Trump have anything to do with it?
Elon Musk's company shared its earnings for the second quarter of the year yesterday (July 25) revealing that income is down 45 percent in comparison to 2023.
The company made $1.48 billion between the months of April and June this year, in comparison to the $2.7 billion made in the same period last year.
While revenue actually rose by two percent, shares of Tesla have plummeted by around eight percent.
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It's led people to wonder whether Musk's endorsement of Donald Trump could be impacting Tesla sales.
For example, following the earnings report this week, Forbes has questioned whether Musk's political decisions could be hurting the company.
It comes as The Wall Street journal reported that the CEO was donating $45 million a month in political action committee (PAC) to support Trump, just last week.
However, Musk has categorically denied this, telling Jordan Peterson that it's 'simply not true'.
"What's been reported in the media is simply not true. I am not donating $45 million a month to Trump," he said.
He later added on Twitter: "I am making some donations to America PAC, but at a much lower level and the key values of the PAC are supporting a meritocracy and individual freedom. Republicans are mostly, but not entirely, on the side of merit and freedom."
Musk has been voicing his support on social media, too, where he said his beliefs are more closely aligned with that of the Republican party.
"One of those values being meritocracy, as much meritocracy as possible, so you get ahead as a function of your skill, and nothing else," he said.
Meanwhile, following the attempted assassination of Trump earlier this month, Musk tweeted: "I fully endorse President Trump and hope for his rapid recovery."
Meanwhile, Trump has said: "I love Elon Musk. We have to make life good for our smart people, and he's as smart as you get."
Following Musk's endorsement, many are wondering if he could have alienated much of Tesla's core market.
Many have questioned how it would help the electronic vehicle market, considering Trump hasn't always supported the vehicles.
"It would be devastating for our competitors, and it would hurt Tesla slightly but long term probably actually helps Tesla would be my guess," Musk allegedly said in a conference call this week, as per Reuters.
UNILAD has reached out to Tesla for comment.