Though Tesla’s shares doubled over the past 12 months, they’ve had a tough run since the inauguration. Investors are waiting to see if Elon Musk can keep the company’s charmed run going.

Musk, who also runs SpaceX and a number of other companies, has been known to make big often exaggerated promises. For example, he once called the Hyperloop, which was never built, the "fifth mode of transport" and famously promised to take Tesla private in a Twitter post, saying he had secured financing that he didn't have.

Investors are looking for evidence Musk’s politics are hurting Tesla. It’s hard to find, but California might be turning against Musk—slowly.

Tesla Inc directors Kimbal Musk and Robyn M Denholm as well as Chief Financial Officer Vaibhav Taneja sold shares of the company over the past week, according to recent filings with the Securities and Exchange Commission.

Tesla (NASDAQ: TSLA) shares initially shrugged off a weak earnings report before the stock got caught in the trade-war sell-off. The electric vehicle (EV) maker had a tough year in 2024, although Chief Executive Officer Elon Musk continues to be very upbeat about the future.

Tesla stock was hit harder than most after Trump tariffs threatened against Canada and Mexico roiled car stocks Monday, and it gained less than Ford Motor and Stellantis on Tuesday. Could the reason be Elon Musk?