Elon Musk is facing unprecedented pressure as both critics and supporters of U.S. President Donald Trump turn against him. Once hailed as a visionary, Musk has now become a lightning rod of political backlash—first boycotted by Trump’s opponents, now increasingly abandoned by his supporters. The fallout is hitting Tesla hard: shares plunged as much as 16% during Thursday’s trading session on Wall Street, before slightly recovering by the close.
But the worst may be yet to come. Tesla is trading at a sky-high price-to-earnings ratio of 161—unjustifiable amid falling revenues and a brand increasingly tarnished by Musk’s controversial behavior.
The numbers confirm the crisis. In May 2025, Tesla’s global sales collapsed. In Portugal, deliveries fell 68% year-over-year, with just 292 vehicles sold. France, Tesla’s second-largest European market, posted a 67% drop—its worst performance since 2021. Other declines include Sweden (-53.7%), Denmark (-30.5%), the Netherlands (-36%), and Spain (-29%, with 794 cars sold).
Tesla’s valuation continues to rest on future growth that now appears increasingly uncertain. Meanwhile, global demand is shrinking fast.