The stock market's tumble has taken an outsize toll on technology stocks, particularly high-flyers like artificial intelligence stocks and stocks comprising the so-called magnificent seven, like Tesla.

"It's become clear he's now spending more time on DOGE than anything else," said one analyst of Elon Musk.

Tesla stock soared after the election as investors seemed to believe that Musk's close relationship with Donald Trump would benefit his EV company.