Investors are looking for evidence Musk’s politics are hurting Tesla. It’s hard to find, but California might be turning against Musk—slowly.

The final earnings release of 2024 finalized another difficult year for Tesla’s bottom line, as its full-year net income came in at $8.4 billion, a 23% decrease from 2023 and a 40% decline from 2022’s record $14.1 billion profit, though its full-year revenue rose $97.7 billion, a 1% improvement from 2023’s record.

Chief Executive Officer Elon Musk is no stranger to hyperbole. For example, he once called the Hyperloop, which was never built, the "fifth mode of transport" and famously promised to take Tesla private in a Twitter post,

Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

Tesla’s stock fell 5% on Monday, the biggest drop for any member of the so-called Magnificent Seven, while Apple shares dropped 3%.

Tesla (NASDAQ:TSLA) stock surged nearly 4% on Thursday, as investors looked beyond a weak 4Q24 earnings report and focused on Elon Musk’s