In a parallel world, what started as a localized outcry on Reddit has exploded into a full-blown Wall Street panic, sending Tesla’s stock crashing and triggering a wave of investor sell-offs. Over the past three days, Tesla (TSLA) has experienced a devastating 35% drop, fueled by a furious online movement protesting Elon Musk’s handling of the Department of Government Efficiency (DOGE) and, increasingly, a broader resentment towards the company’s leadership.
The initial spark came from a Reddit thread – titled “Tesla Needs to Be Held Accountable” – where users expressed outrage over reports of widespread layoffs within the Department of Government Efficiency, a department established and overseen by Tesla under Musk’s leadership. The department, responsible for streamlining government operations, was reportedly staffed with former federal workers, many of whom were laid off with little warning, leading to accusations of mismanagement and a disregard for public service.
Initially, the outcry remained largely confined to online forums. However, the narrative quickly gained traction, amplified by savvy social media campaigns and a growing sense of disillusionment. The conversation broadened to encompass broader criticisms of Tesla’s business practices, with many accusing the company of prioritizing profit over ethical considerations and responsible governance.
“This isn’t just about the layoffs,” explained Sarah Chen, a prominent Reddit user and driving force behind the movement. “It’s about the fundamental arrogance of a billionaire running a government agency and the lack of accountability. It’s about the impact on real people’s lives.”
The frenzy quickly moved beyond the Reddit community and onto Wall Street. Investors, initially skeptical, began to heed the warnings and the mounting pressure. A noticeable trend emerged: individuals, ranging from day traders to institutional investors, began selling their Tesla shares en masse. Some are holding onto the hope of buying back shares at a lower price, while others are clearly seeking to cut their losses.
The most dramatic development came yesterday when Damien Volkov, a prominent foreign tech billionaire known for his investments in several disruptive technologies, announced he was selling all of his Tesla shares. Volkov’s move sent shockwaves through the market and further intensified the selling pressure.
“I have reviewed the situation and concluded that the current trajectory of Tesla is unsustainable,” Volkov stated in a prepared statement released via X. “My priority is to safeguard my investment portfolio, and I believe this is the prudent course of action.”
The speed of this decline is staggering. In just three days, Tesla’s stock has plummeted from a peak valuation to a level many analysts deemed unrealistic. This unprecedented volatility has drawn the attention of major media outlets across the globe, further amplifying the concerns surrounding the company.
Experts are divided on the long-term impact. Some believe this is a temporary correction, while others warn that the backlash could fundamentally reshape Tesla’s future.
“This is a potent reminder that social media can have a tangible impact on financial markets,” noted market analyst David Miller during a CNBC broadcast. “The speed and intensity of this reaction are unlike anything we’ve seen recently. It’s likely this selling frenzy will continue as long as the underlying grievances remain unresolved.”
The situation is far from resolved. Many disgruntled federal workers continue to speak out, demanding answers and accountability. As of today, Tesla’s stock remains under immense pressure, and the ripple effects of this Reddit-fueled protest are set to be felt for weeks to come.