Scott Galloway, a marketing professor at New York University and prominent commentator on tech industry dynamics, has described the reputational fallout surrounding Elon Musk and Tesla as “one of the greatest brand destructions of all time.”

Speaking on the Pivot podcast, which he co-hosts with journalist Kara Swisher, Galloway blamed Musk’s political entanglements—particularly his alignment with the Trump campaign and leadership role in the White House’s Department of Government Efficiency (DOGE)—for severely damaging the automaker’s brand.

“Tesla was a great brand,” Galloway said. “The rivers have reversed and the tide has turned entirely against him.”

Tesla, once the poster child of the clean-energy movement and innovation darling, has suffered a stunning collapse in public perception. Citing a recent Axios Harris Poll, Galloway noted that Tesla has fallen from 8th place in 2021 to 95th in 2025 among the 100 most visible companies in the U.S.—a dramatic decline many observers attribute to Musk’s politicization of his public image.

Over the past year, Musk poured millions into Donald Trump’s re-election campaign and appeared regularly alongside the former president during his transition. His subsequent appointment as the public face of DOGE—a cost-cutting policy unit tasked with reducing government spending—further entrenched Musk within Republican power circles.

While the move boosted his standing among conservative voters, it triggered an intense backlash from Tesla’s historically liberal customer base.

“He’s alienated the wrong people,” Galloway warned. “Three-quarters of Republicans would never consider buying an EV. So he’s cozied up to the people who aren’t interested in EVs.”

The fallout hasn’t been limited to public perception. Tesla’s financials have cratered. In its April earnings report, the company announced a 71% drop in earnings per share compared to the same period last year and a 20% decline in automotive revenue. Widespread protests have erupted at Tesla showrooms and dealerships across the country, with critics blaming Musk’s divisive politics for the shift in consumer sentiment.

Investor frustration has also intensified. Tesla’s stock has slumped significantly in recent months, and speculation grew that the company’s board may be exploring a leadership transition, though no such move has been confirmed. The damage has led to urgent calls for Musk to refocus on Tesla’s core business.

Over the weekend, Musk signaled a potential shift in priorities. Following major outages on X, the social media platform he owns, Musk posted, “Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on /xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.”

At the Qatar Economic Forum on Tuesday, Musk further indicated he would be stepping back from politics—for now.

“I plan to spend a lot less on political campaigns in the future,” he said. “If I see a reason to do political spending in the future, I will do it. I do not currently see a reason.”

However, it remains unclear whether Musk’s promise to return his attention to Tesla and his other ventures means he will abandon the polarizing rhetoric that has come to define his public persona in recent years. His sharp shift toward right-wing politics, ongoing presence on X, and vocal support for controversial policies have created a disconnect between Tesla’s brand and its traditional customer base—typically younger, urban, and left-leaning.

While Musk has previously demonstrated the ability to galvanize support and lead disruptive innovation, analysts warn that his credibility with key markets is eroding. Meanwhile, competitors in the electric vehicle space—including Rivian, Hyundai, and Ford—are seizing the opportunity to lure disaffected Tesla customers.

It is not clear whether Musk can repair the damage his politics has caused Tesla. What is clear, as Galloway put it, is that the tech billionaire has “forgotten who made Tesla what it was.”

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Okomu Oil Palm Company Plc has recorded its highest-ever net profit of N39.9 billion in 2024, a staggering 94 percent increase from the N20.6 billion it posted in 2023, positioning the firm as one of the clear winners in Nigeria’s fast-rising palm oil sector, which is quietly turning into one of the country’s most profitable agribusiness frontiers.

Speaking at the company’s 45th Annual General Meeting held Thursday in Abuja, Board Chairman Gbenga Oyebode described 2024 as a remarkable year for the company despite an “exceptionally challenging” economic environment.

“The company’s net profit for 2024 on continuing operations increased by approximately 94 per cent,” Oyebode said. “This exceptional performance was mainly fueled by a sustained rise in the prices of our products. Crude Palm Oil (CPO) prices experienced approximately a 35 percent year-on-year increase, coupled with a 194 percent rise in rubber prices.”

He said Okomu generated N107.5 billion in revenue from palm oil products alone — up 60 percent from the previous year. But its cost of sales also surged, jumping by 73 percent to N40.8 billion due to inflationary pressure and high operational expenses, such as energy, logistics, and raw material inputs.

Nigeria’s Palm Oil Comeback

Despite these cost burdens, Okomu emerged stronger, and the result is now placing Nigeria’s palm oil sector in sharper focus. The industry, once in decline after Malaysia and Indonesia outpaced Nigeria in global production, is now seeing a revival — and Okomu’s performance is proof.

Palm oil, traditionally a staple in Nigerian households, is regaining its economic relevance. In recent years, top producers like Okomu Oil and Presco Plc have posted stellar results, benefitting from rising global prices, export demand, and import restrictions that have pushed local consumption higher.

In 2023, Presco Plc posted an all-time high revenue of N105.5 billion and a net profit of N34.8 billion — figures that mirrored Okomu’s strong upward trend. Like Okomu, Presco attributed its growth to a combination of price increases and operational expansion.

Nigeria’s palm oil output stands at about 1.4 million metric tons, but local demand is nearly 2.1 million metric tons, creating a significant shortfall that keeps domestic prices elevated. With the Central Bank of Nigeria (CBN) restricting access to forex for palm oil importers since 2015, local producers have the opportunity to command the market, enjoying price premiums and increased demand.

Between 2020 and 2024, average palm oil prices in Nigeria surged surged from about N400,000 per metric ton to over N950,000 per metric ton in 2024. The price then further increased to N1.3 million per metric ton by the end of 2024, driven by global supply constraints, currency devaluation, and the removal of fuel subsidies, which pushed up transportation and production costs.

This has made the business wildly profitable for operators with production scale, plantation assets, and strong market access.

Okomu says it currently maintains a total oil palm plantation area of 19,071 hectares, with 18,349 hectares already matured and 662 hectares classified as new or immature. The company also remains one of Nigeria’s few major rubber exporters, a strategic edge in an economy where access to foreign exchange has become increasingly elusive.

“We export the rubber we produce,” Oyebode noted. “And our company continues to be a significant investor in Edo State by supporting our local communities and shareholders.”

Dr Graham Hefer, the company’s Managing Director, said that Okomu’s success came despite “a high-inflation environment coupled with difficulties in accessing foreign exchange,” which negatively impacted the cost of sales. He credited the company’s ability to hedge against these challenges through price optimization and cost control.

“The company has done very well in managing these costs, generating better revenue, and we are able to provide better dividends to our shareholders,” Hefer said.

Nigeria’s Harsh Business Climate Still a Threat

Okomu’s record-breaking earnings came against a backdrop of severe macroeconomic volatility. In 2024, Nigeria witnessed the highest inflation in three decades — peaking at 34.8 percent — alongside a massive depreciation of the naira and sharp hikes in petrol prices following subsidy removal.

Oyebode warned that the business environment remains “demanding and hostile,” with mounting debt service costs eating into government revenue and inflation spiraling costs for both businesses and households.

However, these very distortions — especially import restrictions, rising local demand, and naira depreciation — are creating an unusual tailwind for agro-exporters and import-substitution players like Okomu.

A Sector Reawakening

Nigeria was once the world’s largest palm oil producer in the 1960s, contributing 43 percent of global output. Today, it contributes only 3-5% of global output. But the sector is stirring back to life, largely thanks to private-sector players reviving aging plantations, embracing mechanized processing, and capitalizing on rising local demand.

Recent figures from the National Bureau of Statistics (NBS) show that agriculture remains Nigeria’s second-largest contributor to GDP, with crop production — including palm oil — accounting for over 80 percent of the agricultural sector’s output.

The Nigerian Investment Promotion Commission (NIPC) recently listed palm oil as one of Nigeria’s top investment-ready sectors, citing rising profitability, an ever-growing market, and government support through incentives like the Anchor Borrowers’ Programme.

With producers like Okomu now showing that profits can rival those of industrial firms, analysts believe palm oil is fast becoming Nigeria’s new gold.