Tesla Inc.’s stock is in a freefall. Its sales are plunging around the world. Even its most avid Wall Street bulls are turning cautious. But one group is buying the electric-vehicle maker’s shares like never before: CEO Elon Musk ’s fans.

Tesla Inc. (TSLA) shares rose on Friday morning after CEO Elon Musk urged employees to “hang on” to their stock in an all-hands meeting broadcast on social media platform X (formerly Twitter). Tesla shares have dropped by over 35% this year after initial investor optimism about a favorable regulatory environment under President Trump’s administration faded.

More than 200 people gathered outside the Tesla showroom in Bartlett on Saturday afternoon in a demonstration against Elon Musk.

Protesters gather at the Tempe Tesla dealership to denounce Elon Musk and his unelected role influencing the federal government through DOGE.

While it is too early to say that Teslas are flooding the used car market, there are signs that a growing number of owners may be pulling the plug in Chicago and across the U.S.