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Tesla investors want answers, and they want them now. The company’s fourth-quarter earnings report just dropped today, but shareholders are more focused on the man in charge: Elon Musk.

This is quite uncharacteristic of them, but then again, Elon has never been quite as powerful as he is right now, has he? He’s got political power, money power, media power, and celebrity power.

These investors wanna know if Elon is still running Tesla—or if his attention is elsewhere. Essentially, they wanna know if he’s still fit to be in charge of the company he owns.

Elon’s political spending and time away from Tesla raise concerns 

More than 100 questions poured into Tesla’s investor forum ahead of the earnings call, many of them zeroing in on Elon’s political activities.

The Tesla investors wanted to know details on his role at Trump’s newly created Department of Government Efficiency (D.O.G.E), his financial support for Republican campaigns, and his infamous endorsement of Germany’s controversial far-right party, Alternative für Deutschland (AfD).

One of the most upvoted questions was: “How much time does Elon Musk devote to growing Tesla, solving product issues, and driving shareholder value vs. his public engagements with Trump, D.O.G.E, and political activities?”

Elon personally funneled $270 million into Trump’s campaign and other Republican causes, making him the biggest donor in the 2024 race. aAnd he spent weeks on the campaign trail, appearing at rallies and using his massive online platform to push Trump’s return to the Oval.

After Trump’s victory, Elon spent a lot of time at Mar-a-Lago, Trump’s private resort in Florida, instead of at Tesla’s factories. They reportedly asked directly, “How much time does Elon intend to spend at the White House and on government activities versus Tesla?”

Beyond U.S. politics, Elon waded into Germany’s upcoming elections. In December 2024, he publicly backed the AfD, which only made his haters even madder. Now the shareholders believe this will affect Tesla in key markets in European Union.

The salute controversy throws fuel on the fire 

During a speech after Trump’s inauguration, Elon made a hand gesture that historians, politicians, and analysts immediately identified as a Nazi salute. Ruth Ben-Ghiat, a historian specializing in fascism, said “It was a Nazi salute and a very belligerent one.”

To make matters worse, neo-Nazi groups openly praised Elon for it, bringing him even more outrage. Tesla investors want an explanation. “Will you apologize for the misunderstanding that occurred when you made the hand gesture thanking folks for their support?” the shareholders asked.

They also wanted to know if Tesla had lost sales “due to the political activities of Elon.” At first, Elon called the accusations a “hoax” and accused critics of pushing a false narrative. Then, instead of defusing the situation, he doubled down.

On Jan. 23rd via his platform X (formerly Twitter), he posted Nazi-themed wordplay, drawing a rebuke from the Anti-Defamation League, which called it “inappropriate and offensive.” Days later, Elon appeared via video at an AfD rally in Halle, Germany, making his political stance even clearer. There really is no one quite as powerful as him right now.

Tesla’s brand value tanks as public trust erodes

The fallout is already hitting Tesla where it hurts. Brand Finance, a global research firm, reported that Tesla’s brand value has plunged 26% in 2024, its second consecutive year of decline. The company’s estimated worth has dropped to $43 billion, down from $58.3 billion in early 2024 and $66.2 billion at the start of 2023.

In 2024, Brand Finance surveyed 175,000 people worldwide, including 16,000 specifically on Tesla. In the stock market, Tesla’s price surged by around 63% last year. But outside of financial circles, Tesla’s reputation is unraveling. Brand Finance CEO David Haigh said: “There are people who think he’s wonderful, but many that don’t.” If you’re in the crypto community, you’d argue that this isn’t true. Elon seemingly has more lovers than haters.

Tesla’s scores for “consideration,” “reputation,” and “recommendation” all dropped in major markets, including the U.S., Europe, and Asia. In Europe, where Tesla’s brand was once strong, its consideration score—the percentage of people willing to buy from the company—plummeted from 21% to 16% in just one year. Competitors like Mercedes and BYD are now beating the EV maker in consumer trust outside the U.S.

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