Tesla stock fell Wednesday, ahead of the Thanksgiving holiday. Profit-taking, the economy, and tariffs weighed on investor sentiment toward the stock.Shares of the electric-vehicle maker closed down 1.

While long-term investors appear to see substantial upside for Tesla from a Trump presidency, we’d be much more circumspect about Tesla stock at current levels.

Elon Musk's good standing with Donald Trump may be good news for Tesla, but not necessarily for EV makers in general.

Yes, Tesla CEO Elon Musk spent considerable effort (and money) helping to elect Trump, becoming a sort of direct advisor to the president elect in the process. That might buy him some influence in a second Trump administration (and seemingly already has) but it's Trump's proposals for the regulatory environment surrounding vehicles and AI — most of which were registered before Musk's campaign involvement — that stand to help his new buddy Elon's car company.

Coming into Wednesday trading, Tesla stock was up about 35% since the Nov. 5 presidential election and up about 36% year to date.