Additionally, the stock pulled back earlier in the session on the Cybertruck recall and as the boom from Trump's victory and the broader "Trump trade" seemed to unwind. Tesla stock had soared in the days following the election, primarily due to CEO Elon Musk's alliance with Trump, though it's not fully clear how that will benefit Tesla.

Tesla should take advantage of its stock’s post-election surge to raise capital by selling shares, a Jefferies analyst says.