Ben Smith, co-founder and editor-in-chief of Semafor, recently commented on how Tesla Inc. (NASDAQ:TSLA)CEO Elon Musk's political stance may be affecting the company's sales.
What Happened: On Wednesday, Smith shared his take on Tesla's sales during CNBC's "Last Call."
"It is an amazing company that sells a lot of cars, but is not selling as many cars as it used to," Smith said, adding that its competitors are faring better in the competitive and slow-to-grow EV industry.
"He has polarized some people at least away from his brand."
"It is an amazing company that sells a lot of cars, but is not selling as many cars as it used to," says @semaforben on Musk's politics may be pushing buyers away from Tesla. "He has polarized some people at least away from his brand." pic.twitter.com/Cnq8h3Xm4D
— Last Call (@LastCallCNBC) July 3, 2024
Why It Matters: Tesla's popularity has seen a decline, particularly among Democrats, following Musk's controversial social media posts and his apparent leaning toward Donald Trump in the 2024 presidential election. Reports have indicated that Musk's relationship with the current administration has been contentious. Despite not endorsing Trump, Musk has expressed his dissatisfaction with President Joe Biden, whom he supported in the 2020 election.
Price Action: At the time of writing, Tesla shares were trading 1.09% higher at $233.83 on Wednesday pre-market, according to Benzinga Pro.
Image via photos on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari