Hundreds of protests at Tesla showrooms have also weighed on the company. Under the banner of a “Tesla Takedown,” opponents of Musk and Trump’s government policies have targeted the company to try to gain leverage over Musk, and demonstrators have continued to swarm Tesla locations, especially on weekends.

The overseers of funds and investments for California, Illinois and half a dozen other states cite Tesla’s sagging stock, disappointing first-quarter deliveries and surge of trade-ins by vehicle