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

Apple shareholders on Tuesday rejected a request to abolish its Inclusion & Diversity program, signaling that investors still see value in the company’s diversity programs.

The proposal, submitted by the National Center for Public Policy Research, was voted down at Apple’s annual shareholder meeting.

The proposal pushed Apple to cease its diversity, equity and inclusion, or DEI, and it cited CNBC reporting that found companies such as Alphabet, Meta, Microsoft and Zoom were rolling back their diversity programs. It requested that Apple get rid of its program, policies, department and goals, arguing that diversity programs may discriminate and that the compliance risk threatens Apple’s bottom line.

“The risks to Apple stemming from continuing to push these divisive and value-destroying agendas is only increasing in light of President Trump’s recent executive order focusing the Department of Justice on rooting out illegal discrimination being carried out in the name of DEI,” NCPPR Executive Director Stephen Padfield said at the meeting. “The vibe shift is clear. DEI is out, and merit is in.”

Apple opposed the measure, saying it’s already compliant with employment laws and that the proposal inappropriately seeks to micromanage the company’s programs.

“Our strength has always come from hiring the very best people and then providing a culture of collaboration, one where people with diverse backgrounds and perspectives come together to innovate and create something magical for our users,” Apple CEO Tim Cook said.

Despite opposing the measure, Cook did warn that the legal landscape around diversity issues may force Apple to make changes.

Even before President Donald Trump was elected in November, diversity programs have been scaled back across the corporate world. A key driver was a 2023 Supreme Court ruling that found affirmative action in college admissions was unconstitutional.

Companies like Amazon, McDonald’s, Target, Ford, Lowe’s and Walmart have abandoned or scaled back DEI initiatives. When Trump took office last month, one of his first executive orders sought to end federal government DEI programs.

Apple has inclusion programs ranging from internal support groups, features for people with disabilities and research efforts to ensure company products and services don’t display racial bias, according to the company’s website.

Nearly two-thirds of the company’s workforce is male, and 35% is female, according to the company’s website, which cites figures from 2022. The website also states that 42% of employees are white, and 30% are Asian.

Investors also shot down a proposal from the National Legal and Policy Center that focused on its OpenAI partnership. It suggested that Apple’s deal with OpenAI may contradict its focus on privacy, and urged the company to prepare a report about the risks of using private or unlicensed data to train artificial intelligence.

The company opposed the proposal, saying it already provides information about its AI data privacy practices.

Shareholders did approve Apple’s slate for board of directors, its auditor and the company’s executive compensation in an advisory vote.

That included Cook’s annual compensation. He was paid $74.61 million in salary in 2024, stock awards and bonuses, up from $64.21 million in 2023. In documents provided to shareholders, Apple touted that its market cap had risen by over $3 trillion during Cook’s tenure.

At the meeting, Cook talked about a $500 billion earmark for U.S. spending announced on Monday that was hailed by Trump.

“The U.S. is our home, and we’re deeply committed to the country’s future,” he said.

Additionally, Cook said Apple is planning to increase its dividend annually and will update investors in May about the increase this year.

“We’ve also paid out more than $165 billion in dividends, including $15.3 billion in just the last four quarters,” Cook said.

WATCH: Apple to invest $500 billion to play role in powering Apple Intelligence