Shares of Tesla (NASDAQ: TSLA) were heading lower on reports that the Trump administration planned to eliminate the $7,500 electric vehicle (EV) tax credit. Tesla also issued its sixth recall this year for the Cybertruck,

Tesla should take advantage of its stock’s post-election surge to raise capital by selling shares, a Jefferies analyst says.

Musk’s world-leading net worth is down $20 billion over the last three days due to the paring of the explosive gains after Trump’s victory.

Elon Musk has said ending tax credits of up to $7,500 for electric vehicle purchases would "devastate" Tesla's competitors.

"Elon won't go home. I can't get rid of him—at least until I don't like him," Trump joked, acknowledging Musk's growing presence.