The Trump administration’s war on electric cars continues with the halt of a national program that sends money to states to install EV charging equipment. It was the latest move by President Donald Trump to reverse Biden-era EV policies — even as those policies have personally enriched his top ally, Elon Musk.

For Elon Musk fans, it’s the half-trillion dollar bet. The stock market value of Tesla has surged by that much since Donald Trump’s election, and kept climbing last week even as the electric car maker reported disappointed financial results for last year.

In many ways, these have been tough days for Tesla. Falling sales. Squeezed profit margins. Proposed changes in US government policy that could cost the company billions.

Though Tesla’s shares doubled over the past 12 months, they’ve had a tough run since the inauguration. Investors are waiting to see if Elon Musk can keep the company’s charmed run going.

It seems the richest man in the world may have taken things too far as Trump has reportedly stepped in to prevent a hiring of a non-US citizen.

Tesla lost market share and saw a sales decline in California in 2024. Is Elon Musk's support for Donald Trump hurting sales?