Tesla’s share price fell nearly 6% at the US open on Wednesday afternoon after the company’s latest first-quarter sales figures failed to cheer investors with deliveries down 13%.

It comes as the group’s CEO, Elon Musk, is discovering the hard way - that everyday consumers and investors aren't afraid to vote with their wallets.

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On Sunday, Musk took part in a rally in Wisconsin to back Brad Schimel, a right-wing candidate running in the Wisconsin Supreme Court election against liberal candidate Susan Crawford.

Musk’s backing included over $21 million (roughly €19,39m) in support, making the race the most expensive single judicial election in US history, sparking debate about the influence of wealthy individuals in judicial races and politics.

At the rally, Musk admitted that his “Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half,” and said his current role as the head of the Department of Government Efficiency, or DOGE, “is a very expensive job”.

While Musk does not receive a salary for his role at DOGE, the implicit understanding was that by being close to the centres of power, he would either have insights that would help shape his business decisions, or that his position in an exceedingly influential government position would inspire investor confidence.

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In December, before Trump’s inauguration but after Musk had become widely associated with the incoming president – especially as his top campaign contributor – Musk’s net worth peaked at approximately $400 billion (€369.6bn). With regards to Tesla, the stock reached an all-time high on 17 December with a closing price of $479.86 (€442.47).

However, Trump's rhetoric – and Musk’s accompanying support of it, along with his own continuous commentary on US and global political affairs, and especially European issues – drove the value of the stock down to a low of about $220 (€203.28) in early March.

Musk’s wealth is estimated to have declined by $120bn (€110.88bn), bringing it down to $280bn (€259.72bn).

Putting their money where their politics are

Musk may have underestimated how much his divisive comments and involvement with the Trump administration could impact the profitability of his companies.

However, Tesla only encompasses about 27% of his personal wealth. His biggest financial asset and largest chunk of his wealth, at 40%, is tied to SpaceX. Tesla is the company that is the most tied to direct consumer demand or vehicle sales.