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.