Bulwark Takes: "Elon's Worst Day Ever…Just Got Worse" – Episode Summary

Release Date: April 2, 2025

In this episode of Bulwark Takes, hosts Ben Parker and Andrew Egger delve into a particularly tumultuous day for Elon Musk, unpacking a series of setbacks that have compounded over the past 24 hours. The conversation traverses Musk's political engagements, his strained relationship with Donald Trump, and alarming developments within Tesla. Below is a detailed summary capturing the key discussions, insights, and conclusions from the episode.

1. Introduction to Elon Musk's Setbacks

The episode kicks off with Ben Parker introducing the topic:

Ben Parker [00:00]: "Elon Musk's no good, horrible, terrible, very bad day, or whatever it's supposed to be."

Andrew Egger concurs, highlighting the sequence of negative events Musk has faced recently.

2. Wisconsin Supreme Court Race Defeat

A significant portion of Musk's woes stems from his involvement in the Wisconsin Supreme Court race. Musk invested substantial resources into supporting the Republican candidate, who ultimately lost by a notable margin.

Andrew Egger [00:19]: "Elon Musk poured an insane amount of money and a lot of time and a lot of ketamine fueled attention into last night's state Supreme Court race in Wisconsin, a race which the Republican candidate went on to lose by 10 points, to the chagrin of Mr. Musk."

Ben questions the severity of the loss:

Ben Parker [00:39]: "Is that a lot of points?"

Andrew responds by categorizing the loss as a "quasi landslide" in a crucial swing state, underscoring its impact:

Andrew Egger [00:43]: "It's a big fat off year election win, but still a big fat win for the Democrat in that state. The hits keep coming."

3. Voter ID Referendum and Political Maneuvering

Following the Supreme Court race, Musk encountered another setback with a voter ID referendum passing in Wisconsin—a move he had invested millions into supporting.

Ben Parker [01:03]: "He finds some, like, voter ID referendum that also passed in Wisconsin. [...] he finds this one little voter ID referendum and goes, oh, this is the thing that really matters."

Andrew critiques Musk's attempt to salvage the situation, suggesting it's a significant blunder for someone who views himself as a "master of the universe."

Andrew Egger [01:45]: "No, I mean, it was a big fat political face plant for. For Elon Musk."

4. Strained Relationship with Donald Trump

The hosts explore the evolving dynamic between Musk and former President Donald Trump. Initially, Musk was seen as an ally, contributing financially and strategically to Trump's campaigns. However, recent developments indicate a cooling relationship.

Andrew Egger [02:57]: "Donald Trump is now telling his allies that Musk's time in the White House is going to be wrapping up."

Ben adds context about Trump's long-term plans for 2024, suggesting Musk's late-stage involvement might have overstepped.

Ben Parker [03:36]: "Elon may not realize exactly how late in the game he got in on that."

5. Tesla's Declining Sales and Stock Performance

Amidst Musk's political entanglements, Tesla reported a significant decline in vehicle deliveries.

Ben Parker [05:02]: "Global vehicle deliveries down 13% in quarter one of 2025."

Andrew highlights the severity of this drop, noting it's Tesla's worst sales quarter percentage-wise, and juxtaposes it with a fleeting rise in stock price on the day of the report.

Andrew Egger [05:01]: "It's their worst sales quarter ever in percentages."

6. Impact on Tesla's Brand and Future Prospects

The discussion shifts to Tesla's brand image, which has been closely tied to Musk's public persona. The decline in deliveries and stock suggests deeper issues within the company's market positioning and consumer perception.

Ben Parker [09:08]: "Have you ever seen someone just blow up that much value at one time just by being a jerk in public?"

Andrew elaborates on Tesla's overinflated valuation, emphasizing that the company's worth was largely forward-looking, making it vulnerable to Musk's controversies.

Andrew Egger [10:41]: "The whole point of the value of Tesla is it's this forward looking thing. It's going to scale into the thing that is worth as much as it's worth on paper."

7. Broader Implications of Musk's Actions

The hosts reflect on the symbiotic yet destructive relationship between Musk's business ventures and his political engagements. Musk's actions have not only harmed his personal brand but also had adverse effects on Tesla and, by extension, his influence within political spheres.

Andrew Egger [12:38]: "Elon's work in the government has made both of them less popular. It's made Tesla less popular and his preexisting holdings less popular, more toxic, worth less money."

8. Conclusion: A Cautionary Tale

In wrapping up, Ben Parker emphasizes the ongoing trend of “doom and gloom” surrounding Musk, balanced with a smidgen of schadenfreude over the setbacks faced by a polarizing figure.

Ben Parker [12:54]: "We have a lot of bad news that we cover all the time. [...] we're trying to enjoy bad things happening to bad people."

Andrew adds a final note on Musk's residual status as one of the world's richest individuals, despite the day's adversities.

Andrew Egger [13:08]: "Still the richest man in the world."

Key Takeaways:

1. Political Overreach: Elon Musk's extensive involvement in political races, particularly the Wisconsin Supreme Court race, resulted in a significant loss for the Republican candidate, marking a substantial setback for Musk's political aspirations.

2. Tainted Alliances: Musk's once-strong alliance with Donald Trump is deteriorating, evidenced by Trump's recent moves to distance himself from Musk's influence within the White House.

3. Tesla's Vulnerability: The 13% drop in global vehicle deliveries signals critical challenges for Tesla, exacerbated by declining consumer trust linked to Musk's controversial public behavior.

4. Stock Market Discrepancy: Despite plunging sales figures, Tesla's stock briefly rose, indicating market volatility and investor uncertainty about the company's future trajectory.

5. Brand Impact: Musk's personal brand, intertwined with Tesla's identity, has suffered, potentially affecting the company's long-term market position and stock valuation.

6. Complex Synergy: The intersection of Musk's business ventures and political engagements has created a compounded negative effect, undermining both his enterprises and political allies.

Notable Quotes:

• Ben Parker [00:00]: "Elon Musk's no good, horrible, terrible, very bad day, or whatever it's supposed to be."

• Andrew Egger [01:45]: "It was a big fat political face plant for Elon Musk."

• Andrew Egger [10:41]: "The whole point of the value of Tesla is it's this forward looking thing."

• Ben Parker [12:54]: "We're trying to enjoy bad things happening to bad people."

This episode serves as a comprehensive examination of how Elon Musk's multifaceted engagements in business and politics can lead to significant repercussions, both personally and corporately. The hosts adeptly navigate through the complexities of Musk's latest challenges, offering listeners a nuanced perspective on a figure whose actions continue to reverberate across various sectors.