Elon Musk is recognized as one of the wealthiest individuals in the world. He is the owner of several billion-dollar companies, including Tesla, an electric car manufacturer; SpaceX, a space technology company; and X, a social media platform. Additionally, he is involved in Neuralink, a company focused on developing implantable brain-computer interfaces, and xAI, which specializes in artificial intelligence. However, Musk's impact extends beyond his current ventures. He was also the co-founder of PayPal, an online payment system, and OpenAI, an AI research organization. Musk’s involvement with technology and his status as the wealthiest man in the world have led many to compare him to Tony Stark and he even had a cameo in the original Marvel movie starring Robert Downey Jr.
However, with the recent elections and some public appearances, it seems as if Musk is no longer loved by millions.
Musk’s fall began when he took over Twitter, now known as X. Even though Musk had always been in the technology business, the public did not expect such an acquisition, as he was mainly involved with high-end technologies rather than social media platforms. Public responses to this takeover indicated dissatisfaction, especially since Musk bought the platform, emphasizing that he would promote free speech, which many feared could get out of hand. Public concerns proved valid, as the use of the N-word on the platform increased by almost 500% just one day after Musk’s acquisition. Another controversy arose when Musk started banning journalists who were criticizing him from the platform and categorized the words “cis” and “cisgender” as slurs while every other actual slur was allowed.
Nonetheless, it was his departure from the nerdy tech billionaire persona and his political outspokenness on X, even prior to the presidential campaign, that marked the beginning of his downfall. He started to reply to random tweets stating “interesting” or “intriguing,” but the tweets he was replying to were borderline homophobic or racist. In an interview following one of his tweets, Musk controversially stated, ‘Everyone was a slave. We are all descended from slaves. It is just a question of when.
Musk’s downfall was cemented when his association aligned with Trump’s presidential campaign, which further polarized public opinion, leading to significant criticism from his detractors. However, this wasn’t the real problem, as people can still follow and support others whose political views do not align with theirs. It was Musk’s appearances in the rallies that really started the hate train. He was found “cringe” by social media users because of his speeches and dance moves on stage. Nevertheless, these were only the reasons that made him unlikable but not yet hated. He faced the biggest backlash at Trump’s inauguration parade, where he gave a speech focused on pushing for peace and uniting all US citizens as civil members of the public. He was going great until the end, when he made a hand gesture extremely similar to the Nazi salute. Before the gesture, Musk told the public that his heart went out to them, placed his hand on his heart, and ‘threw’ it toward them. However, observers noted strong similarities between the gesture and a Nazi salute, fueling controversy. The discussion about the gesture intensified in the following days, as social media users were divided into two groups: those who believed Musk deliberately performed a gesture similar to a Nazi salute and those who thought the reaction was overblown, dismissing it as another instance of Musk’s unexpected behavior. Some people later found a clip of Elon making the same gesture with the same phrase, but the difference between the two instances was extremely clear. Therefore, the event is still up for discussion.
Unfortunately, this wasn’t the only Nazi controversy Elon had gotten himself into, as he appeared virtually at a campaign event for a far-right German political party, where he urged listeners to no longer be ashamed of their nation’s past. "I think you really are the best hope for Germany," Musk told them.
After these events, Germany's president has accused Musk of trying to interfere in Germany's national elections, which were scheduled for February 23, which isn’t that illogical considering that Musk has waded into politics in other European countries, throwing his support behind far-right leaders such as Italian Prime Minister Giorgia Meloni and trolling Britain's center-left government.
At the virtual campaign, Elon spoke numerous times about the importance of Germans taking pride in their heritage, stating, "It's good to be proud of German culture and German values, and not to lose that in some sort of multiculturalism that dilutes everything.”
Then, in an apparent reference to the Nazi era, Musk added that there is "frankly too much of a focus on past guilt and we need to move beyond that."
These comments were made two days before International Holocaust Remembrance Day, which this year marked the 80th anniversary of the liberation of Auschwitz, and less than a week after his controversial gesture.
It seems as if Elon’s recent controversies have also affected his business, as thousands of Tesla owners have started putting stickers on their bumpers stating, “I bought this before Elon went crazy.” Besides funny instances like this, the effects can also be seen in the decreasing Tesla sales in Europe. Since mid-December, Musk’s net worth has decreased by more than $100 billion. Even as the continent's overall sales growth for electric vehicles increased, recent data showed a sharp decline in new Tesla vehicle registrations in Europe, down 45% year-over-year for January. Sales in China also recently came in trending down. According to some reports, Musk's active involvement in the Trump administration is causing a revolt among European buyers, thereby resetting long-standing European relations. The stock is up 52% over the last 12 months, despite the recent decline, suggesting that investors are merely locking in the exceptional gains of the previous year or so. Gary Black, managing partner at The Future Fund investment group, stated on Tuesday that a recent change in corporate management guidance regarding deliveries in 2025 may cause Tesla shares to drop even more this year. Despite these conflicting suggestions and reasonings, one thing is for sure: Tesla is no longer a trillion-dollar company but rather a billion-dollar one.
Elon Musk's recent foray into politics and controversial public statements have significantly tarnished his once-celebrated image as a tech visionary. His actions, including his virtual appearance at a far-right German political event, have alienated many supporters and impacted his business ventures. As Musk's net worth suffers a hit and public sentiment shifts, it raises questions about the sustainability of his influence and the future of his companies.
Edited by: Derya Selin Yener, Oya Yamaç