Elon Musk is once again wading into US politics, opening his checkbook for GOP candidates ahead of the midterm elections. Tesla investors, however, are making it pretty clear they’d rather see the CEO focusing on cars, robots, and autonomy instead of Capitol Hill.
A new survey from the Electric Vehicle Intelligence Report suggests Musk’s political reawakening is landing poorly with the people who actually own the stock.
Investors Are Not Fans of the Side Quest
The survey polled 8,000 people this month about Tesla $TSLA ( ▼ 4.62% ) . Roughly 40% said they have exposure to the S&P 500 through stocks, mutual funds, or ETFs, while about 8% said they directly own Tesla shares.
Among those Tesla investors, a clear majority said Musk should be spending more time running the company and less time on political activities. Respondents were also more likely to say Tesla has lost value because of Musk’s political moves rather than gained from them.
That sentiment lines up with a growing fatigue among shareholders who see Musk as both Tesla’s greatest asset and its biggest wildcard.
The Stock Chart Tells an Awkward Story
In theory, Musk’s political influence could help Tesla. Friendlier regulation, especially around self-driving technology, would be a massive tailwind. That argument isn’t crazy, and there was a moment when it seemed to work.
After President Trump was first elected, Musk’s proximity to power coincided with a sharp rally in Tesla’s stock. But the relationship didn’t age well. Musk’s involvement with DOGE, followed by a very public falling-out with the president and the launch of a short-lived third-party political effort, weighed heavily on the shares.
Tesla only fully clawed its way back to an all-time high yesterday, months after Musk stepped back from that political detour and as the company leaned hard into its autonomous driving push.
The message from investors seems simple: Elon Musk the operator moves the stock. Elon Musk the political lightning rod… not so much.