But Tesla's troubles, though levered to Musk, may be deeper than Musk's distractions, such as politics, gaming, and colonizing Mars. A record fourth quarter delivery report in January seemed to indicate all was well with Tesla, but it doesn't tell the full story.

Elon Musk realized too late how badly Tesla would be hurt by Trump’s Big Beautiful Bill, according to former and current Tesla executives who now give more details about the impact on the company.

Elon Musk's empire isn't exactly crumbling, but it looks increasingly vulnerable as his falling out with President Trump intensifies. Why it matters: The world's richest person enjoyed ballooning wealth in the early days of his alliance with the president,