The Tesla Revolt

Donald Trump may be pleased enough with Elon Musk, but even as the Tesla CEO is exercising his newfound power to essentially undo whole functions of the federal government, he still has to reassure his investors. Lately, Musk has delivered for them in one way: The value of the company's shares has skyrocketed since Trump was reelected to the presidency of the United States. But Musk had much to answer for on his recent fourth-quarter earnings call--not least that in 2024, Tesla's car sales had sunk for the first time in a decade. Profits were down sharply too. Usually, when this happens at a car company, the CEO issues a mea culpa, vows to cut costs, and hypes vehicles coming to market soon.