As Elon Musk wraps up his second month in the White House, Tesla owners are trading in their electric vehicles at record levels, according to an analysis by national car shopping site Edmunds.

The data from Edmunds published on Thursday said that March represented “the highest ever share” it had seen for Tesla trade-ins toward new or used cars from dealerships selling other brands.

Since heading to Washington, D.C. in January as a central figure in the second Trump administration, Musk has been slashing the federal workforce and government spending, and has gained access to sensitive government computer systems and data, though his efforts have been repeatedly challenged in court.

Prior to assuming leadership of the Department of Government Efficiency (DOGE), Musk spent around $290 million last year to help propel President Donald Trump back to the White House.

While investors snapped up Tesla shares after Trump’s victory in November, they’ve been rushing for the exits of late, pushing the stock’s price down by 42% this year. Waves of protests have targeted Tesla facilities in the U.S. and beyond. Other criminal acts of vandalism and arson have targeted Tesla stores, vehicles and charging stations across the U.S.

In addition, Tesla is facing increased competition from EV makers. In January, S&P Global Mobility found Tesla sales declined about 11% year-over-year in the U.S., while Ford, Chevrolet and Volkswagen bolstered their sales of EVs, picking up market share.

“Shifts in Tesla consumer sentiment could create an opportunity for legacy automakers and EV startups to gain ground,” Jessica Caldwell, head of insights at Edmunds, wrote in an email. “As Tesla brand loyalty and interest wavers, those offering competitive pricing, new technology, or simply less controversy could capture defecting Tesla owners and first-time EV buyers.”

The Tesla brand, more than that of any other automaker, is tightly tied to its CEO. In August 2024, Edmunds surveys found that just 2% of car shoppers in the U.S. were unfamiliar with Musk.

Edmunds also said that shopping for new models of Tesla vehicles on its platform dropped to its lowest level last month since October 2022 after peaking as late as November.

Even before Musk began heading up DOGE, Tesla’s brand was suffering. Its brand value fell by 26%, or about $15 billion, in 2024, a second straight annual decline, according to research and consulting firm Brand Finance.

Many car shoppers trade in their Tesla EVs for a newer model Tesla. Edmunds data didn’t account for those transactions.

Tesla didn’t immediately respond to a request for comment.

WATCH: Tesla’s core issues more detrimental than short-term political headwinds

Micron shares popped 6% in extended trading Thursday after the company reported second-quarter results that beat analysts’ estimates and offered better-than-expected guidance.

Here’s how the company did:

• Earnings per share: $1.56, adjusted vs. $1.42 expected by LSEG
• Revenue: $8.05 billion vs. $7.89 billion expected by LSEG

Revenue increased 38% from $5.82 billion during the same period in 2024, Micron said in a press release. The memory and storage solutions company reported net income of $1.58 billion, or $1.41 per share, up from $793 million, or 71 cents per share, in the year-ago quarter.

Data center revenue tripled, the company said.

Revenue for the fiscal third quarter will be about $8.8 billion, Micron said, topping the $8.5 billion average analyst estimate, according to LSEG. Adjusted earnings will be roughly $1.57 a share, the company said, beating the $1.47 average estimate.

Prior to Thursday’s close, Micron shares were up 22% for the year, while the Nasdaq is down more than 8%.

Micron will host its quarterly call with investors at 4:30 p.m. ET.

Appetite for ether ETFs has been tepid since their launch last July, but that could change if some of the regulatory wrinkles holding them back get “resolved,” according to Robert Mitchnick, head of digital assets at BlackRock.

There’s a widely held view that the success of ether ETFs has been “meh” compared to the explosive growth in funds tracking bitcoin, Mitchnick said at the Digital Asset Summit in New York City Thursday. Though he sees that as a “misconception,” he acknowledged that the inability to earn a staking yield on the funds is likely one thing holding them back.

“There’s obviously a next phase in the potential evolution of [ether ETFs],” he said. “An ETF, it’s turned out, has been a really, really compelling vehicle through which to hold bitcoin for lots of different investor types. There’s no question it’s less perfect for ETH today without staking. A staking yield is a meaningful part of how you can generate investment return in this space, and all the [ether] ETFs at launch did not have staking.”

Staking is a way for investors to earn passive yield on their cryptocurrency holdings by locking tokens up on the network for a period of time. It allows investors to put their crypto to work if they’re not planning to sell it anytime soon.

But Mitchnick doesn’t expect a simple fix.

“It’s not a particularly easy problem,” he explained. “It’s not as simple as … a new administration just green-lighting something and then boom, we’re all good, off to the races. There are a lot of fairly complex challenges that have to be figured out, but if that can get figured out, then it’s going to be sort of a step change upward in terms of what we see the activity around those products is.”

The Securities and Exchange Commission has historically viewed some staking services as potential unregistered securities offerings under the Howey Test – which is used to determine whether an asset is an investment contract and therefore, a security. But a more crypto friendly SEC is moving swiftly to reverse the damage done to the industry under the previous regime. Its newly formed crypto task force is scheduled to kick off a roundtable series Friday focused on defining the security status of digital assets.

Ether has been one of the most beaten up cryptocurrencies in recent months. It’s down more than 40% year to date as it has struggled with conflicting and difficult-to-comprehend narratives, weaker revenue since its last big technical upgrade and increasing competition from Solana. Standard Chartered this week slashed its price target on the coin by more than half.

Mitchnick said the negativity is “overdone.”

“ETH … at the second grade level is easier to define … but at the 10th grade level is a lot harder,” he said. “Second grade level: it’s a technology innovation story. … Beyond that, it does get a little more vast, a little more complicated. It’s about being a bet on blockchain adoption and innovation. That’s part of the thesis as we communicate it to clients.”

“There are three [use cases] that we focus on that have a lot of resonance with our client base: it’s a bet to some extent on tokenization, on stablecoin adoption, and on decentralized financing,” he added. “It does take a fair bit of education, and we’ve been on that journey, but it’s going to take more time.”

BlackRock is the issuer of the iShares Ethereum Trust ETF. It also has a tokenized money market fund, known as BUIDL, which it initially launched a year ago on Ethereum and has since expanded to several other networks including Aptos and Polygon.