Kimbal Musk, the brother of Tesla CEO Elon Musk, has been offloading shares of Tesla in recent months just as the stock has made a massive retreat from all-time highs. The electric vehicle maker, however briefly, had been among the select group of trillion-dollar companies following the stock’s post-U.S. presidential election surge.

It appears that Tesla sales are slumping in the U.S., too. According to the California New Car Dealers Association, Tesla registered fewer cars in the state in all four quarters of 2024. California is the largest EV market in the U.S. Tesla sales fell by 8 percent in the fourth quarter and 12 percent for the whole year.

Tesla’s stock is sinking after another month of bad China sales. Elon Musk has now lost about $7 billion in his stake since the election.

Tesla stock closed down 3% at $240.68, while the S&P 500 and Dow Jones Industrial Average lost 1.4% and 1.3%, respectively. Tesla stock rose 7.6% on Wednesday after gaining 3.8% o

US President Donald Trump announced his intention to purchase a new Tesla, following a significant drop in the electric car company’s stock. Tesla shares plummeted more than 15%, attributed to concerns over production targets and declining sales.