Elon Musk has had a roller coaster of a day.

Tuesday night, Musk’s favored conservative candidate failed to win a Wisconsin Supreme Court election despite the billionaire and his super PAC dropping at least $15.5 million in the race.

On Wednesday morning, Musk received more bad news. Tesla reported first-quarter deliveries were well below analysts’ estimates. Shares in Musk’s signature company are down roughly 30% so far this year.

Musk chose this path himself. He has enthusiastically touted the White House DOGE office, even as polling shows his popularity has plummeted. In Wisconsin, polling showed that Musk was more unpopular among Republicans than President Donald Trump.

But somewhat remarkably, the double whammy of bad news led to a win for Musk. A report from Politico, citing three unnamed Trump insiders, said the president’s inner circle is preparing for Musk to step back from his current role at the White House. Tesla’s stock bounced back from early losses and was up 5% in Tuesday afternoon trading.

Democrats hammered Musk throughout the Wisconsin race. He decided to come to the state directly, wearing a Cheesehead hat in Green Bay and mugging for the cameras as he handed out millions in giveaways to supporters. (Musk initially said the $1 million checks were for voters but clarified it was for select Wisconsinites that his political organization wanted as spokespeople.)

The Tesla CEO also chose to join Trump’s administration, juggling the responsibilities of leading the automaker, SpaceX, and xAI. Initially, it was thought that Musk would co-lead Trump’s “Department of Government Efficiency” outside of the government.

It didn’t take long for his proximity to Trump to blowback on his companies, namely Tesla. There have been protests at Tesla dealerships across the globe. Some protesters have resorted to violence by firebombing Tesla vehicles.

Wednesday’s deliveries numbers seem to confirm fears that Musk’s unpopularity is actively harming his flagship company. Tesla reported a 13% decline in deliveries in the first quarter compared to last year.

“The Street and us knew a bad 1Q was coming but this was even worse than expected,” Wedbush analyst Dan Ives, a major Tesla cheerleader, wrote on X Wednesday morning. “The time has come for Musk … it’s a fork in the road moment.”

Musk has seen worse before.

Musk has said that Tesla was on the verge of bankruptcy multiple times, including during the Model 3 ramp-up. He also briefly relinquished his title as the world’s richest man early in 2024. Musk then reclaimed the title and saw his wealth skyrocket after the presidential election.

So far, Musk has not shown a desire to change course. He’s urged authorities to go after the domestic terrorists attacking Tesla dealerships. Musk has also continued to speak in grandiose terms about his political positions — not exactly the words of someone about to trim his sails.

Before polls closed in Wisconsin on Tuesday, Musk said on an X space that the state Supreme Court election was about “the future of the world” and maybe even “Western Civilization.”

Musk told Fox News that the race was so close “it may be decided by half a percent or a percent” maybe even a single person.

Judge Brad Schimel, the Musk-endorsed candidate, is on track to lose by 10 percentage points.