Elon Musk endured a challenging 24 hours marked by a failed political campaign in Wisconsin, where he invested over $15 million yet lost. Coupled with Tesla's dismal first-quarter sales, which fell well below analyst expectations, this has led to a significant drop in Tesla's share price and an estimated $3 billion dip in Musk's net worth. Musk's political involvement and close ties with Trump have also drawn criticism and protests, suggesting that his actions may negatively impact his companies' reputations despite his attempts to bolster his political brand.
Musk's favored conservative candidate failed to win a Wisconsin Supreme Court election despite the billionaire and his super PAC dropping at least $15.5 million in the race.
On Wednesday morning, Musk received more bad news. Tesla reported first-quarter deliveries were well below analysts' estimates.
His proximity to Trump has blown back on his companies, namely Tesla, leading to protests at dealerships worldwide and incidents of violence.
Polls indicated Musk was more unpopular among Republicans than President Trump, demonstrating a dip in his own political influence.
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