Tesla shares have declined every week since Elon Musk went to Washington

Tesla’s stock has never had a stretch this red.

For seven straight weeks, since Elon Musk went to Washington to join the Trump administration, shares in his automaker have declined, closing Friday at $270.48. It’s the longest such losing streak for Tesla in its 15 years as a public company.

Tesla shares finished the week down more than 10% and at their lowest level since Nov. 5, Election Day, when they closed at $251.44. Since the stock peaked at almost $480 on Dec. 17, Tesla has lost well over $800 billion in market cap.

Several Wall Street firms this week, including Bank of America, Baird and Goldman Sachs, cut their price targets on Tesla.

In slashing their target from $490 to $380, analysts at Bank of America cited concerns about the company’s falling new vehicle sales and the lack of a recent update from Musk on a “low-cost model.”

Goldman Sachs, which cut its price target on the stock to $320 from $345, also pointed to falling electric vehicle sales for Tesla in the first two months of the year across several markets in Europe, China and parts of the U.S.

The Goldman analysts noted that Tesla faces “a tough competitive environment for FSD” in China, where key competitors “do not generally require a separate software purchase for smart driving features.” FSD, or Full Self-Driving (Supervised), is Tesla’s partially automated driving system, which the company sells as a premium option in the U.S.

Baird added Tesla to its “bearish fresh picks” this week, with analysts at the firm writing that “production downtime” will complicate “the supply-side of the equation” for Tesla as the company shifts to manufacturing the new version of its Model Y SUV.

But Wall Street isn’t just concerned about fundamental metrics such as sales and production figures. Investors are also trying to assess how much Musk’s politics and work in the White House will pressure Tesla, and for how long.

“Musk’s involvement with the Trump administration adds uncertainty to the demand-side,” Baird analysts wrote.

Before taking on his role as advisor to President Donald Trump and as leader of the so-called Department of Government Efficiency, or DOGE, Musk was already heading up his many private ventures, including artificial intelligence startup xAI, social media company X, and aerospace and defense contractor SpaceX.