Tesla shares rebounded 4% in premarket trading Tuesday after a 36% plunge in Q1.

Tesla’s stock just wrapped up its worst quarter since 2022 and suffered its third-steepest drop in the company’s 15 years on the public market.

Shares of the electric vehicle maker plunged 36% in the first three months of the year.

The last time Tesla had a worse stretch was at the end of 2022, when the stock cratered 54%. That quarter included CEO Elon Musk’s sale of more than $22 billion worth of Tesla shares to finance his $44 billion acquisition of Twitter, later renamed X. On Friday, Musk said his artificial intelligence startup xAI has acquired X in a deal valuing the social media company at $33 billion.

Tesla’s first-quarter drop wiped out over $460 billion in market cap. The majority of the quarter overlaps with Musk’s time in the second Trump administration, leading an effort to slash government spending and regulations, and terminating tens of thousands of federal employees.

Musk’s role in the White House is one factor weighing on Tesla’s stock, as it’s contributing to waves of protests, boycotts and violent attacks on Tesla stores and vehicles around the world. President Trump’s automotive tariffs are also a concern as they involve Tesla’s key suppliers, notably Mexico and China. Tariff fears sparked a broader selloff in tech stocks, with the Nasdaq closing the quarter down 10%, its biggest drop since 2022.

Tesla faces other headwinds, such as a steep decline in new vehicle sales, and pressure to deliver on Musk’s promises for robotaxis while rivals extend their lead in the market.

President Trump on Monday said he expects Elon Musk will eventually return to running his companies after his work overhauling the federal government.

A reporter noted that Musk, the CEO of Tesla and SpaceX, is a special government employee, which means he can only work for 130 days in his role. When asked if he wants Musk to stay longer, Trump said he will want to return to his companies.

“I think he’s amazing but I also think he’s got a big company to run. At some point he’s going to be going back. He wants to,” Trump said. “I’d keep him as long as I can keep him. He’s a very talented guy.”

“At some point, Elon’s going to want to go back to his company,” he added, arguing that it’s “terrible” how Musk has been treated in the public sphere.