The downturn comes just a day after the top credit ratings agency Moody’s downgraded U.S. debt from its top rung—the last of the leading agencies to do so. Moody’s decision was less a function of President Trump’s wide-ranging tariff campaign than a reaction to soaring U.

Earlier reports suggested Tesla’s board was searching for a successor to Musk, who shot down the claim as “deliberately false.”

He spent hundreds of millions to elect President Trump. But now he’s less visible in Washington, says he’ll spend less on future elections and is even posting less about Mr. Trump on social media.