The electric pickup was supposed to create a halo effect for the brand, but the truck’s reputation has been tarnished by politics and production snafus.

Musk's net worth on Thursday plunged $34 billion, putting his valuation at $335 billion, according to the Bloomberg Billionaires Index. In addition to Tesla, Musk owns The Boring Company, Neuralink, SpaceX, X (formerly known as Twitter) and xAI.

The stock has been on a roller coaster ever since President Trump’s election. The shares fell nearly 15% this week.

Shares of Elon Musk’s electric vehicle maker are falling sharply Thursday as investors fear his dispute with Donald Trump could end up hurting the company.

Sales of electric vehicles in the U.S. will increase a bit in 2025 as Tesla weathers a storm, but both are likely to achieve solid growth through 2030.

For months, Tesla shareholders were tormented by Elon Musk’s role in the administration of President Donald Trump. But any relief brought by his formal government exit last week quickly turned to fear as the electric-vehicle maker’s chief executive traded barbs with his former boss.

The escalating dispute between President Trump and Tesla CEO Elon Musk on Thursday sent the car maker to a market-value decline of around $152.4 billion, its biggest one-day slide on record, according to Dow Jones Market Data.

Elon Musk had advocated ending the $7,500 tax credit for buyers of Tesla and other automakers’ EVs. But with the end of that credit included in the the “big, beautiful bill,” he and the now financially struggling Tesla are arguing for its continuation.