5 charts that show Elon Musk and Tesla's struggles during Trump's first 100 days
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- Elon Musk's car company has struggled in the early days of Trump's presidency.
- Musk's ties to Trump have affected Tesla's brand and sales negatively.
- Tesla's net income and Musk's wealth have declined since Trump entered the White House.
Elon Musk was viewed as a big winner of President Donald Trump's election, but the first 100 days of the new administration haven't been all that smooth for the world's richest person.
Musk bet big on Trump, spending hundreds of millions of dollars to boost his campaign, and observers at the time thought it was money well spent.
"We believe the major benefits for Musk and Tesla far outweigh any negatives as this continues to be a 'poker move for the ages' by Musk betting on Trump," Wedbush analyst Dan Ives said shortly after Trump's victory in November.
However, with Tuesday marking Trump's 100th day in office, the opposite has proved true, with Musk struggling against sagging car sales, a drop in Tesla's share price, and political protests against him and his company.
Here are five charts that show how the billionaire and his electric vehicle maker have fared in Trump's first 100 days.
Tesla stock is down big since Trump's inauguration. Shares hit an all-time high of $479.86 in the middle of December before Trump was sworn in and have tumbled since, as the company continues to see a slowdown in vehicle sales globally.
Prominent investors have called for Musk to step away from Tesla, even as the CEO pledges to spend less time with the Department of Government Efficiency and more time at the car maker starting in May.
The steady decline in the average price of a used Tesla vehicle has been a key measure of weakness in Tesla's brand this year. With new sales down and current owners dismayed with Musk's politics offloading their vehicles onto the secondary market, used Tesla prices cratered 10% year-over-year in March.
According to data from CarGurus, the average price of a Cybertruck has been down 50% in the past year, while the price of a Model Y and Model 3 is down 13% and 10%, respectively.
The steep decline in Tesla stock has contributed to Musk's net worth falling sharply over the past few months. Despite rising valuations for Musk's private ventures, the steady decline in the stock of his publicly traded car company has wiped about $150 billion off his net worth since mid-December.
Still the world's richest person with a net worth of $335 billion, that's down sharply from a peak of almost $480 billion just a few months ago.
The company's earnings show that fewer people are buying Tesla vehicles. Tesla's trailing 12-month net income has dropped by 57% since its peak in 2023.
Auto revenue was down 20% last quarter, and deliveries for the first three months of 2025 were much worse than expected. Tesla sold almost 336,700 EVs in the first quarter, marking a 13% drop from the same period in 2024.
"Customers who have a choice on how they vote with their money are voting against him," Ross Gerber told BI last week.
Protests against Musk and Tesla are rising as consumers seek to revolt against the Trump administration. Data from Google Search shows that Tesla vandalism has picked up in recent weeks.
"Tesla is in the obvious crosshairs," Steve Sosnick, chief market strategist at Interactive Brokers, told BI.
Sosnick pointed to comments from basketball great Michael Jordan about the dangers of celebrities getting mixed up in politics. When asked in 1990 why the basketball star didn't support more Democratic causes, Jordan responded, "Republicans buy sneakers too."
"The problem for Tesla is that Democrats buy electric cars too, in fact they were more likely to buy electric cars, and thus Teslas, than Republicans," Sosnick said.
"He politicized his brand in the US, and by espousing right-wing parties in Europe and elsewhere, he politicized his brands overseas as well," Sosnick added.
Sosnick acknowledged that other aspects of Musk's ventures, including SpaceX and xAI, are thriving, but because Tesla is public, it's much more exposed to the headwinds stemming from his ties to Trump's presidency.