The automaker's stock has fallen 27% after hitting an all-time high in mid-December on hopes that Musk's proximity to President Donald Trump would boost the company's fortunes. Tesla shares and options make up more than 60% of Musk's wealth, which peaked at $486.4 billion on December 17 in the wake of Trump's election, according to the Bloomberg Billionaires Index.
Last week was Tesla's worst since early October, with shares falling 11% after reporting dismal monthly sales. Deliveries in Germany tumbled 59% to the lowest levels since 2021, while China sales fell 11.5% from a year earlier amid competition from regional rival BYD Co.
The shares dropped Monday for the fourth straight day in New York trading, sliding 3% to $350.73.
Musk's political reinvention was a key driver for Tesla stock post-election, and the 53-year-old billionaire has devoted the majority of his attention to Washington since inauguration day.
He's marshaled DOGE's cost-cutting efforts in the three weeks since Trump took office, gutting USAID, scrutinizing the Treasury Department's internal payments data and leading a campaign to reduce the federal workforce by offering workers eight months of pay in exchange for their resignations.
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