Hundreds of protests at Tesla showrooms have also weighed on the company. Under the banner of a “Tesla Takedown,” opponents of Musk and Trump’s government policies have targeted the company to try to gain leverage over Musk, and demonstrators have continued to swarm Tesla locations, especially on weekends.

Tesla's revenue is down 9% from a year ago and shares have plummeted as carmaker misses Wall Street expectations

Elon Musk says he will step back next month from his work with the Department of Government Efficiency to focus more time on Tesla, after the electric carmaker's profits plunged 71%.