The EV giant’s shares fell to their lowest level since November as competitors gain ground and the boss’s political involvement sparks backlash. Tesla’s stock plunged more than 8% on Tuesday, marking another setback for the electric vehicle giant as it struggles to maintain momentum in 2025.

Musk’s net worth fell almost 4% as of midday Tuesday, dropping to almost exactly $100 billion below his all-time high of $464 billion.

Tesla stock slid 8.4% Tuesday, dropping the company's market capitalization below $1 trillion for the first time since Nov. 14. The decline followed new data showing Tesla had a terrible January in Europe.