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.

Shares of Tesla and other electric vehicle makers fell Thursday after a report President-elect Donald Trump and his transition team are planning to end a $7,500 EV tax credit.

Worries that EV tax credits may go away under the Trump administration hit a fever pitch on Thursday, dragging down the stocks.

President-elect Trump plans to end $7,500 EV tax credit, benefiting Tesla but hurting competitors. Shares of major EV players decline.