A North American sales collapse

American sales figures are still trickling in, but Tesla has cause to
worry in its home market too. In California, a left-leaning state with
the largest EV market in the nation, Tesla sales fell 8 percent in the
fourth quarter of 2024.

A North American sales collapse would be a disaster for Tesla
shareholders, starting with Musk himself, who owns around 13 percent
of the company. "Musk's stake in Tesla is partly pledged for loans
that he depends on for cash," Niedermeyer said. If the value of his
Tesla stock falls, lenders could force Musk to sell additional shares.
Many Tesla investors (and his fan base) may see that as a vote of no
confidence in the company's future, prompting them to sell
shares--triggering a full-on Wall Street rout, with Tesla's stock
crashing in value.

What does this mean for people outraged by Musk's recent behavior?
Take it out on Tesla by boycotting the company. Any further dip in
Tesla sales would amplify growing calls for Musk's ouster as CEO.
Whatever time Musk spends doing damage control is time not spent
dismantling federal agencies or elevating Europe's far right. If you
were considering buying a Tesla, don't. If you're renting a car,
choose another brand. And if you own a Tesla, sell it. Yes, that would
help: A deluge of used Teslas would lower their resale value, further
depressing the new-car sales that the company depends upon.

https://slate.com/business/2025/02/elon-musk-tesla-stock-valuation-consumer-boycott.html