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Tesla, led by its CEO Elon Musk, is on track for a record seven straight weeks of losses, according to a new report from Bloomberg. Yahoo Finance reportsthat Tesla stock is down 30.2 percent year-to-date. Tesla's slump can be attributed to its falling sales numbersaround the world, which appears to be the result of Musk and his growing relationship with President Donald Trump and the far right.
The result: Tesla has already wiped out its $700 billion post-election jump in valuation, otherwise known as the"Trump bump."
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In 2024, Elon Musk bet it all on Donald Trump's re-election. That bet ended up paying off for Musk as Trump won and Musk's backing earned him a spot in Trump's administration as a special government employee.
Musk's companies quickly benefited from his closeness with Trump. Musk's publicly-traded EV car company, Tesla, for example experienced $700 billion in gains post-election on the stock market.
However, it appears the tides are already changing for Musk and Tesla.
Recent sales reportshave uncovered a Musk and Tesla backlash among the broader public. Tesla sales have fallen by as much as 76 percent around the world. According to numerous reports, consumers are attributing their negative feelings of Tesla to Musk, his endorsement of far right-wing politics, and his close relationship with Trump. Musk's role in Trump's Department of Government Efficiency, or DOGE, has turned the head of Tesla and SpaceX, into an especially polarizing figure.
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In addition to Musk-created issues, Trump's policies, such as tariffs, have caused chaos on Wall Street, as the stock market as a whole continues to sink.
All of this combined has now resulted in Tesla losing the entirety of its $700 billion "Trump bump" post-election gains, according to Bloomberg.