Elon Musk’s latest venture, Tesla Inc.’s (NASDAQ:TSLA) Diner, has become the focal point of the ongoing “Tesla Takedown” protests, with demonstrators now targeting the retro-futuristic eatery.
What Happened: The “Tesla Takedown” protests, which began outside Tesla showrooms due to Musk’s role in reducing U.S. government spending, have now shifted their focus to the Tesla Diner in Los Angeles, as reported by CNN.
Joel Lava, a key figure in the “Tesla Takedown” movement, has been leading the protests at the diner. He believes that the initial buzz around the restaurant will soon fade, and the protests will continue throughout the summer.
Lava, who organized the protests at the diner, claims that the community does not support Musk.
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He also alleged that the protests have been successful in tarnishing the Tesla brand. Despite Musk’s focus on Tesla’s future during the recent earnings call, the company’s auto revenue fell by 16% from April to June.
This led to a 20.61% drop in Tesla shares in the past 12 months.
Why It Matters: The “Tesla Takedown” protests have been ongoing for months, with the focus shifting to the Tesla Diner.
This development comes after Musk unveiled the diner last week, which features a retro-futuristic theme and is equipped with robot waiters and Cybertruck-designed food trays. The diner has drawn large crowds, with customers waiting for hours to experience the unique dining experience.
Tesla posted second-quarter revenue of $22.5 billion, marking a 12% decline from the same period last year and falling short of Wall Street's consensus estimate of $22.8 billion.
Price Action: Tesla stocks are down 5.49% in the past five days. In the pre-market session on Monday, the stock is up 1.58% according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ken Wolter / Shutterstock.com
