Tesla witnesses 'rapid decline' in brand loyalty since Elon Musk endorsed Trump for president
&imwidth=600&imheight=450&format=webp&quality=medium "Tesla witnesses 'rapid decline' in brand loyalty since Elon Musk endorsed Trump for president")
File photo Photograph: (Reuters)
Since Elon Musk endorsed Donald Trump for president in 2024, Tesla has witnessed a rapid fall in its brand loyalty, as the data showed customer loyalty at 73 per cent in June 2024 reached 49 per cent in March 2025.
Tesla's brand loyalty has plunged since 2024 after its chief executive, Elon Musk, endorsed the Republican Donald Trump in the presidential elections. As per a Reuters report, the data from the research firm S&P Global Mobility claimed a fall in trust in the electric vehicle brand. The data said Tesla’s customer loyalty peaked in June 2024, when 73% of Tesla-owning households in the market for a new car bought another Tesla, according to an S&P analysis of vehicle-registration data in all 50 states. The company's bad phase started last July when Musk endorsed Trump following an assassination attempt in Pennsylvania on the Republican nominee.
S&P analyst Tom Libby called it "unprecedented" to see the runaway leader in customer loyalty fall so quickly to industry-average levels. "I’ve never seen this rapid a decline in such a short period of time," he said.
Tesla gives $30bn of shares to Elon Musk
Musk, the world's richest man, is going to get even richer as the Tesla board has awarded him 96mn shares worth about $30bn. This was after the chief executive of the company threatened to leave if he did not get more stock of the electric vehicle brand. Tesla said on Monday (August 4) that the decision was suggested by a special committee formed by the board comprising just the chair, Robyn Denholm, and her fellow director Kathleen Wilson-Thompson. It was then approved by the board.
“Retaining Elon is more important than ever before,” Tesla said in a letter to shareholders. “We are confident that this award will incentivise Elon to remain at Tesla," it added.
Trending Stories
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
&im=FitAndFill=(700,400))
)
Musk and Tesla have been tangled in a legal battle for seven years now over a previous $56bn award. It was the largest in US history. Delaware judge Kathaleen McCormick struck the package in January 2024, saying it was excessive and that board members were in thrall to Musk.
