After soaring in 2023 and 2024, shares of Tesla (NASDAQ:TSLA) have been battered over for nearly three months now. To start 2025, the largest U.S. EV-maker has seen its shares drop more than 53% at the time of writing.

The cumulative value of SpaceX, Neuralink, the Boring Company, and xAI has shot up 45% on private markets since last November, according to data provided to Fortune by secondary market trading platform Caplight . Musk's social media company X was not factored into the calculation because of a lack of interest from investors on the secondary market.

Kimbal Musk, the brother of Tesla CEO Elon Musk, has been offloading shares of Tesla in recent months just as the stock has made a massive retreat from all-time highs. The electric vehicle maker, however briefly, had been among the select group of trillion-dollar companies following the stock’s post-U.S. presidential election surge.

After a slight rebound earlier this week, Tesla's TSLA stock is back to falling, keeping with its recent performance. Even U.S. President Donald Trump's purchase of one hasn’t done much to spark real momentum for the electric vehicle (EV) leader.