Market Data 
Topline
The latest instance of a stock market slide sparked by investor unease from the latest move by President Donald Trump is none other than Tesla, the electric vehicle company led by Elon Musk, the world’s richest man and the self-described “first buddy” of Trump, as Wall Street braces for a crucial update from the car company.
Key Facts
Shares of Tesla fell 7% to $224, their lowest price since April 8, just before Trump paused some tariffs to the stock market’s delight.
The S&P 500 stock index sank more than 3% Monday to its lowest point since April 9 as the market sold off on little trade war progress and Trump’s escalation of his feud with Federal Reserve Chairman Jerome Powell.
Tesla was the most notable loser amid the early week losses as the automaker suffered the worst percentage loss of any of the U.S.’ 36 “mega-cap” companies with market capitalizations of at least $200 billion.
Tesla has frequently been among the worst-performing stocks from tariff shocks considering its reliance on a coherent global supply chain and on smooth Washington-Beijing relations due to its heavy revenue reliance on China.
What To Watch For
Tesla will report first-quarter earnings shortly after 4 p.m. EDT Tuesday, delivering its first financial results from 2025. Wall Street analysts expect it to be a dim report, with consensus forecasts of $0.41 earnings per share, or $1.4 billion net income, pointing to the weakest bottom line for Musk’s firm since Q1 2021, according to FactSet. Earlier this month, Tesla disclosed the first three months of 2025 saw its weakest quarter for vehicle deliveries since 2022, as Tesla sales cratered from California to Germany in response to Musk’s polarizing politics, including his role as the head of Trump’s layoff and cost-cutting wing, the Department of Government Efficiency.
Crucial Quote
Musk and Tesla face “a code red situation if he stays at DOGE,” Wedbush analyst Dan Ives wrote in a Sunday note to clients. “The turnaround vision must start” on Tuesday’s earning call as if “Musk chooses to stay with the Trump White House it could change the future of Tesla,” according to Ives. Long one of the most bullish analysts covering Tesla, Ives has been among the most vocal critics of Musk’s damage on the vehicle brand in recent weeks.
Forbes Valuation
Musk’s net worth shrank by $10 billion during the Tesla stock slide Monday, The Trump advisor is still by far the wealthiest person on Earth with a $354 billion fortune, more than $165 billion greater than the net worth of the second-richest man, Amazon founder Jeff Bezos, according to our real-time estimates.
Big Number
54%. That’s how much Tesla stock is down from its all-time high set in December as the stock shot up following Trump’s election win.
