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.

Investors are focused on the company's upcoming earnings report. Tesla has already revealed that its deliveries were weak in the first quarter.

Musk faces questions on autonomous driving, Tesla's declining sales and his continued role in the Trump administration on Tuesday night.