Tesla shares are back to around the level they were before the US election.
They spiked after Trump’s win as investors bet on Musk’s business benefitting from his backing the president.
Mr Musk has been heading up the so-called Department of Government Efficiency (Doge), which is not an official US government agency.
Doge has been trying to make huge cuts to federal funding, and Musk himself has has been voicing support for far-right politics.
His stance has been drawing criticism in the US. About 350 demonstrators protested outside a Tesla dealership in Portland, Oregon, last week, and nine demonstrators were arrested outside a New York City Tesla dealership earlier in March.
Linsay James, an investment strategist at Quilter Investors, said that although there is “an element” of Elon Musk’s politics “having a brand impact”, there were other reasons for the share price fall.
Ultimately the drop “comes down to hard numbers”, she said.
“When…
