Tesla's stock has recovered somewhat from its steep drop on Monday—but it's still down more than 34% for the year so far, and investors blame Elon Musk's politics. In a survey conducted by Adam Jonas at Morgan Stanley, 85% of investors said the CEO's political activities have had a "negative" or "extremely negative" impact on business fundamentals, NBC News reports. Only 3% said Musk's politics were "positive" for the business, while 12% considered them "insignificant."
Jonas says most of the 245 people who responded to the survey predicted that Tesla deliveries would fall this year. He says it wasn't a random sample of investors—he surveyed people on his email distribution list over a 17-hour period that started Tuesday afternoon. Monday was the stock's worst day in five years, leading to calls from some shareholders for the board to replace Musk.
Pension fund managers are among those criticizing Musk's leadership of the company, saying his work at DOGE is alienating large numbers of potential Tesla buyers. New York City Comptroller Brad Lander, who oversees around $1.2 billion in Tesla stock through pension funds, says he still has faith in the stock, but it's not endless, ABC News reports. "There's no real leadership. It is at the bottom of his list. And so we have not had at Tesla a CEO focused on selling EVs, on growing the company, on making money and returns for shareholders," says Lander, a Democrat who is running for mayor. (More Tesla stories.)
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