Tesla shares plunged more than 14% on Monday (Tuesday NZT), hitting their lowest point since before Election Day as investors registered the impact of falling sales and increasing protests over the high-profile political role that Elon Musk, the company’s CEO, has taken on.

In afternoon trading,
the electric-car maker’s shares were down more than 13% for the day, and more than 50% from a mid-December peak. The day’s loss far outstripped the 2.5% drop in the S&P 500.

Growing economic worries: Stock markets around the world fell on Monday, a day after President Trump did not rule out the possibility that his aggressive trade policies aimed at crucial economic partners could cause a recession this year – and refused to rule out recession during a Fox News interview. The Canadian province of Ontario put in place retaliatory tariffs on energy it exports to Michigan, Minnesota and New York, while Trump’s trade war with China intensified as Beijing began imposing retaliatory tariffs on American farm products. The S&P 500 was down more than 2.5% in the afternoon.

The steep rise in Tesla shares that followed Donald Trump’s election as President, and Musk’s appointment as de facto government cost-cutting tzar, has evaporated along with more than $700 billion in stock market value.

Investors had hoped Musk’s financial support for the Trump campaign and his ties to the White House would benefit Tesla, helping to clear regulatory hurdles to the company’s autonomous driving technology.