Elon Musk has had a rough day, facing major setbacks but also a surprising win.
On Tuesday night, his favored conservative candidate lost the Wisconsin Supreme Court race, despite Musk and his super PAC pouring at least $15.5 million into the campaign.
By Wednesday morning, things got worse. Tesla reported first-quarter delivery numbers that fell well below analysts’ expectations, deepening concerns about the company’s performance.
Tesla’s stock has already dropped about 30% this year.
Musk has chosen to embrace political involvement, backing conservative causes and the White House DOGE office.
However, polling shows his popularity has declined, even among Republicans. In Wisconsin, he was viewed more unfavorably than former President Donald Trump.
Despite these setbacks, Musk saw a surprising boost. A Politico report, citing unnamed Trump insiders, claimed Musk might step back from his White House role.
Following this news, Tesla’s stock rebounded, ending the day up 5%. The White House quickly denied the report, with Press Secretary Karoline Leavitt calling it “garbage.”
She reiterated that Musk and Trump had both said Musk would leave his government role once his work at DOGE was complete.
Musk took an active role in Wisconsin’s election, even traveling there and wearing a Cheesehead hat in Green Bay.
He made headlines by handing out million-dollar checks, first claiming they were for voters but later stating they were for select individuals his political organization wanted as spokespeople.
His close ties to Trump have sparked backlash, particularly for Tesla. Protests have erupted at Tesla dealerships worldwide, with some turning violent, including an alleged firebombing.
Tesla’s disappointing delivery numbers reinforced fears that Musk’s political stance is hurting his company.
The automaker reported a 13% drop in first-quarter deliveries compared to last year. Dan Ives, a Tesla-supporting analyst at Wedbush, described it as a critical moment for Musk, saying, “The time has come … it’s a fork in the road moment.”
Musk has faced tough times before. Tesla has been near bankruptcy multiple times, especially during the Model 3 production ramp-up. He briefly lost his title as the world’s richest man in early 2024 but regained it after the presidential election.
Despite setbacks, Musk shows no sign of backing down. He has called for authorities to pursue those attacking Tesla dealerships, labeling them as domestic terrorists.
He also continues to speak in grand terms about his political views.
Before the Wisconsin election results, Musk claimed the race was about “the future of the world” and even “Western civilization.” He predicted a razor-thin margin, saying it might be decided by just half a percent or even a single voter.
In reality, his endorsed candidate, Judge Brad Schimel, is on track to lose by 10 percentage points.
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