Following Trump's win in November, Tesla stock surged to a new high of $479 per share on December 17. Now, just three months later, the electric vehicle titan's stock has plummeted 51% from its peak, down to $234 per share at the time of writing.

SpaceX and Tesla — have submitted letters lobbying the U.S. trade representative on Trump administration tariff policies. The letters come as Musk oversees an effort to slash federal government spending and employee headcount at the behest of President Donald Trump.