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.

The carmaker reported the sharp decline in quarterly earnings after Tesla’s brand suffered because of its chief executive’s role in the Trump administration.

Tesla's first-quarter results fell short of Wall Street's expectations, with revenue down 9% from a year ago. Revenue hit $19.34 billion in the first three months of the year. Operating income was down 66% year-over-year at $399 million.