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.

Investors are focused on the company's upcoming earnings report. Tesla has already revealed that its deliveries were weak in the first quarter.

Tesla stock is down more than 50% from its December peak as Elon Musk’s company heads into an earnings report expected to bring its worst profit in four years.