Tesla stock officially traded lower Monday than it did ahead of President Donald Trump’s November victory, wiping out what was once a 91% gain for shares of the electric vehicle company run by Trump lieutenant Elon Musk, as Tesla becomes the face of the ongoing stock market slide.

Tesla CEO Elon Musk speaks at a Tesla event in 2022.

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Key Facts

Shares of Tesla declined about 12% to $231 by early afternoon, registering their lowest share price since Oct. 23, the day before the election.

Monday’s Tesla dive came as part of broader losses tied to concerns about Trump’s economic policies, as the tech-concentrated Nasdaq Composite dropped more than 3% and crossed into 10% correction territory.

And driving down Tesla shares specifically was a note from UBS analyst Joseph Spak calling for Tesla’s 2025 vehicle deliveries to decline by 5%, which would be the second consecutive year of negative growth for Tesla, moving against consensus analyst forecasts of 12% vehicle delivery growth this year.

Tesla stock is down more than 51% from its all-time high set in December, when its share price took off on the prospect of friendly Trump administration policies toward the heavily regulated company.

Big Number

$139.4 billion. That’s how much lower Musk’s $324.6 billion net worth is than his record $464 billion set in December, according to our latest calculations. Musk, Tesla’s largest shareholder, is still worth roughly $115 billion more than any other person on Earth. Musk’s net worth fell by $18 billion Monday amid Tesla stock’s drop.

Surprising Fact

Tesla stock is down 8% since Election Day. Its market capitalization is down close to $700 billion from its December peak.

Key Background

Musk, who donated $288 million toward Trump and other GOP election efforts, has dedicated much of the last few months to his position as the head of the Department of Government Efficiency (DOGE), a commission Trump created to oversee cost cutting and government employee layoffs. Tesla is one of the American firms most directly affected by Trump’s tariffs, as China is the company’s second-largest market and Tesla’s cars rely on parts from Canada, China and Mexico. Beyond tariffs, Tesla stock has been weighed down by reports of significantly lower sales to open 2025 in China and Europe as analysts warn Musk’s outspoken politics are eating into Tesla’s brand reputation.

Further Reading

ForbesStock Market Comeback Erased: Dow Sinks As Trump Says Don’t ‘Watch The Stock Market’By Derek Saul ForbesElon Musk Is Officially $121 Billion Poorer Than His Peak—As Tesla Stock Erases Most All Of Its Election RallyBy Derek Saul