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In the face of escalating protests and boycotts, Errol Musk, father of Elon Musk, has come forward to defend his son’s cost-cutting initiatives for the U.S. government and his EV company Tesla Inc. (NASDAQ:TSLA).
What Happened: Errol has responded to the growing backlash from U.S. taxpayers and Tesla customers against Elon Musk’s role in the Department of Government Efficiency (DOGE), a body established by the Trump administration. The electric vehicle manufacturer, Tesla, has been dealing with sales boycotts and protests, with several US dealerships reporting vandalized and burnt vehicles.
Errol Musk, while speaking to Darren McCaffrey on Sky News on Monday, dismissed the protesters as “bums” attempting to harm Tesla by damaging cars, calling it “plain silly.” He attributed the anger towards Elon Musk to “media hype” and brushed off concerns among Tesla investors about the company’s challenges amidst the protests.
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He also refuted any suggestions that his son was overstretched, stating that there were competent people at Tesla to handle day-to-day business while Elon focused on “vital work” for U.S. taxpayers. Regarding Elon Musk’s role in DOGE, father Musk stated that Elon is “doing the right thing” by “cleaning up the mess.”
Elon Musk’s father attributed the decline in Tesla’s share price to overall market sentiment and not particularly the EV maker. He assured that Tesla shares, currently trading at $254, would recover to $600 per share by the end of the year.
Why It Matters: Earlier this month, Errol Musk warned in an interview with Al Arabiya News about the potential implications if Elon Musk had to step away from his companies for government duties. He expressed that it would be a "big concern" if Elon had to step away from board meetings and company leadership.
Despite the ongoing protests and vandalism targeting Tesla, Errol views these incidents as beneficial for the company. In a recent interview on "The Andrew Eborn Show," he dismissed the backlash as good for business, stating, "Publicity. More publicity, free publicity.”