Elon Musk faced challenges in the past day.

The billionaire experienced setbacks as he invested over $20 million in an unsuccessful Wisconsin candidate. Additionally, Tesla reported lower-than-expected sales figures, causing concerns. However, there was a positive turn when rumors surfaced indicating that Musk might step back from DOGE, which led to a surge in Tesla's stock.

Musk's favored conservative candidate lost in the Wisconsin Supreme Court election despite significant financial support from Musk and his super PAC. Furthermore, Tesla's first-quarter deliveries fell below analysts' projections, leading to a decrease in the company's stock value by about 30% this year.

Despite facing criticism and declining popularity, Musk seemed to potentially benefit from reports suggesting his possible withdrawal from the White House role. This news caused Tesla's stock to recover and end the day with a 5% increase.

While Musk faced backlash and challenges during the Wisconsin election, his involvement in political activities and close ties to Trump appeared to have negative repercussions on Tesla, as evidenced by the decline in delivery numbers reported on Wednesday.