On April 26, protesters outside a Tesla Dealership in Washington, D.C. were elated. That week, Elon Musk, Tesla CEO and head of the so-called “Department of Government Efficiency” (DOGE), indicated to shareholders that he would step back from government, allocating a mere “day or two per week” toward DOGE projects. In mandatory Securities and Exchange Commission filings and comments to Wall Street analysts, Tesla acknowledged that protests had created a risk factor for the valuation of Tesla stock. “Changing political sentiment,” Tesla wrote in a shareholder report, “could have a meaningful impact on demand for our products in the near term.”

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