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

In many ways, these have been tough days for Tesla. Falling sales. Squeezed profit margins. Proposed changes in US government policy that could cost the company billions.

Musk, who also runs SpaceX and a number of other companies, has been known to make big often exaggerated promises. 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, saying he had secured financing that he didn't have.