The drop comes as shares of the EV maker saw a 22% rally in May with Musk wrapping up his time as head of Trump's Department of Government Efficiency, or DOGE.
Shift4 founder Jared Isaacman, who had been President Trump's pick to run NASA, told investors in a letter on Wednesday that he's giving up his CEO role.
Nikesh Arora, the CEO of Palo Alto Networks, is joining the board of Uber. Prior, he was COO of Softbank and also held positions at Google and T-Mobile.