Tesla shares were obliterated Thursday, dropping more than 13% after an explosive back-and-forth between CEO Elon Musk and President Donald Trump. The decline wiped out billions in market cap and erased most of the EV maker’s gains from May.

Tesla (TSLA) has emerged as the worst-performing large-cap stock of 2025, with shares down more than 27% year-to-date, following a sharp public rift between CEO Elon Musk and U.S. President Donald Trump.

Tesla’s technical weakness is compounded by deteriorating fundamentals, with global demand continuing to slide. In May, sales in China fell 15% year-over-year and German sales plunged 36%, contributing to an estimated 9% drop in Q2 deliveries to 404,850 units.