Tesla shares nosedived 14% Thursday to $284.70, wiping out over $150 billion in market value—one of the steepest single-day losses in company history. It’s now down four of the past five trading days, with a brutal 17% drop over two sessions, the worst two-day stretch since September 2020.

For comparison, the broader market barely budged: the S&P 500 slipped 0.5%, and the Dow Jones dipped 0.3%.

So what’s hammering Tesla? Try a volatile mix of politics, slumping sales, and rising robo-taxi anxiety.

The headline grabber: Elon Musk’s fiery clash with Donald Trump. Musk blasted Trump’s massive tax-and-spending proposal, calling for voters to “fire” any lawmaker who supported it. Trump shot back, accusing Musk of ingratitude despite having “helped Elon a lot,” and claimed Musk had “gone crazy” after Trump eliminated what he called the “EV mandate.”

Musk’s reply? That without him, Trump would have lost the presidency, Democrats would control the House, and the Senate would tilt 51-49.

Adding fuel to the fire: Trump’s move to cut EV tax credits and challenge California’s emissions authority—both lifelines for Tesla. That threatens Tesla’s ability to sell regulatory credits and could directly impact bottom-line earnings.

Then there’s SpaceX, Musk’s other crown jewel. It’s raked in nearly $21 billion in federal contracts, including $15 billion from NASA. Musk didn’t hold back, even suggesting that SpaceX might start decommissioning its Dragon spacecraft in response to the fallout.

Meanwhile, Tesla’s May sales in Germany fell a worrying 36% year-over-year, and Musk’s political antics are increasingly seen as a drag on global EV demand. A Bloomberg report on a fatal 2023 crash involving Tesla’s driver-assist software also spooked investors—just weeks before the company is expected to unveil its AI-powered robo-taxi in Austin.

All this comes after a sharp run-up in Tesla’s stock—up 45% since April’s earnings call. That momentum is now under serious pressure.

Investors are bracing for more turbulence as Tesla approaches its highly anticipated robo-taxi rollout—now with added political crossfire.