Tesla’s post-election pop has almost disappeared.

Shares of the electric vehicle maker plunged by more than 9% on Tuesday, pushing the company’s market cap below $1 trillion and to its lowest since Nov. 7, which was two days after President Donald Trump’s election victory.

The stock has plummeted 25% to start the year, while the Nasdaq is down just 1.3%, and has slid 35% from its record close on Dec. 16. CEO Elon Musk has lost more than $100 billion in net worth over that stretch, though he’s still the world’s richest person, with a fortune valued at about $380 billion.

The latest slide followed a report from Reuters on Monday that Tesla’s long-awaited upgrade to its partially automated driving systems left owners disappointed. Many users told the publication that Tesla’s “navigate on city streets” feature in China fell short of Musk’s promises for self-driving technology.

Other EV makers in China, including BYD, offer their partially automated driving systems for free or a much lower cost. Xiaomi’s popular model SU7 includes the company’s equivalent technology as a standard option for free.

The report out of China added to anxiety amongst Tesla shareholders. Some of the concern has to do with the company’s performance and some is specific to Musk, who is spending much of his time in Washington, DC., leading President Trump’s so-called Department of Government Efficiency (DOGE).

Musk, along with his team in Washington, has gained unparalleled access to government computer systems and taxpayer data, and the president has enabled the billionaire to lead mass firings of workers in agencies tasked with oversight of his companies, including Tesla.

Musk’s extremist political rhetoric and activism has led opponents in various markets to organize protests, including at Tesla stores and service centers. Tesla’s stock dropped earlier this month on Trump’s announced plans for extensive tariffs on goods from Canada, Mexico and China, which came alongside a decline in Tesla vehicle registrations across Europe in January and February.

For the fourth quarter, Tesla reported earnings and sales that missed analysts’ estimates, with automotive revenue dropping 8% from a year earlier and operating income plummeting 23%. In the late January report, the company cited reduced average selling prices across its aging lineup of Model 3, Model Y, Model S and Model X vehicles as a major reason for the decline.

According to the California New Car Dealers Association, Tesla sales dropped 11.6% in the fourth quarter of 2024 in the state, which had been Tesla’s biggest market domestically.

Tesla shares are now about 19% above where they were trading prior to Trump’s victory. Most of what remains of the rally is due to the stock’s 15% jump the day after the election. Musk was a major backer of Trump’s presidential effort, contributing $290 million to Republican candidates and causes in 2024, most of that directed at returning Trump to the White House.

Musk and Tesla didn’t immediately respond to requests for comment.

WATCH: Tesla stock hinges on new vehicles being introduced

Super Micro Computer shares fell as much as 10% during trading on Tuesday as the company nears a deadline to file audited financial reports or be delisted from the Nasdaq exchange.

Earlier this month, Super Micro CEO Charles Liang told investors he was “confident” that the company could file those reports to the U.S. Securities and Exchange Commission by Feb. 25, a deadline set by Nasdaq. The company must file its audited annual report for fiscal 2024 and the first two quarters of fiscal 2025.

If Super Micro fails to file the reports, its stock could be delisted from Nasdaq. It could also ask for another extension of up to 180 days.

Super Micro representatives did not respond to CNBC’s request for comment.

Last fall, Super Micro shares slumped in August after the company delayed releasing its annual report for the year ending in June. Ernst & Young, the company’s auditor, quit citing governance issues in October. Super Micro named BDO as its new auditor in November. The company has also been targeted by an activist short seller, Hindenburg Research, which alleged accounting fraud.

The uncertainty has led to a roller coaster for the stock. It plunged last year to a low of about $18 per share in November after soaring more than 14-fold from the end of 2022 to its peak in March last year. So far in 2025, Super Micro’s stock price has risen more than 55%.

Throughout this saga, Super Micro has risen to a higher level of prominence as its revenue has surged as a result of the boom in artificial intelligence. The biggest driver of Super Micro’s growth is that it sells systems based around Nvidia graphics processing units, or GPUs, needed to build server clusters for AI. Elon Musk’s xAI, for example, buys Super Micro systems.

According to its unaudited financials, Super Micro sales more than doubled in its fiscal 2024 to $14.94 billion. Analysts expect about $5.37 billion in revenue for the current quarter, which would be a nearly 40% increase year over year.

The SEC’s system for accepting filings can receive documents as late as 10 p.m. ET, and depending on how late the filing is made, it can become public the next morning.

— CNBC’s Samantha Subin and Kristina Partsinevelos contributed to this report.

WATCH: Super Micro Computer cuts full year revenue guidance

Perplexity AI, the developer of a popular artificial intelligence search engine, is close to raising a $50 million venture fund focused on early-stage AI startups, CNBC has learned.

The company will be an anchor investor in the fund, but most of the capital is coming from outside limited partners, according to a person familiar with the matter who asked not to be named because the information is confidential.

The two general partners of the fund are also coming from elsewhere. They are Kelly Graziadei and Joanna Lee Shevelenko, who have been running early-stage fund f7 Ventures, the person said.

Perplexity has been in the middle of the generative AI boom that began in late 2022 with the launch of OpenAI’s ChatGPT. CNBC reported in November that the company was in the final stages of raising $500 million in funding at a $9 billion valuation. Perplexity is viewed as a potential competitor to Google as more consumers turn to AI to search for information online.

Last month, Perplexity also made a bid to merge with TikTok U.S. as the social media platform faces a potential U.S. shutdown.

The company sees a potential investing advantage when it comes to startups because roughly 80,000 developers are plugged into its network, so Perplexity gets visibility into who is using its application programming interface (API) and who is most active in their consumption, the person said.

Perplexity’s founders and investors are putting money into the fund, and some of the company’s commitment is in the form of stock, the source said.

— CNBC’s Samantha Subin contributed to this report.

WATCH: Perplexity’s case for U.S. TikTok ownership