Retail traders snapped up Tesla shares in recent days as the stock went through the ringer, according to JPMorgan. Everyday investors cumulatively bought $4.1 billion in stock of the electric vehicle maker since March 4, JPMorgan’s Kamal Tamboli told clients in a note published Wednesday. That insinuates ongoing support from mom-and-pop traders, even as the stock faced eye-popping declines during the period. “Their ‘buy-the-dip’ mentality is particularly strong for TSLA,” Tamboli told clients. Shares have dropped more than 19% this month and 40% since the start of 2025. A large chunk of the sell-off was when the stock fell more than 15% on Monday, its worst session since 2020. TSLA 1M mountain Tesla, 1-month Pressure has mounted on the retail investor favorite as CEO Elon Musk’s political profile has risen. The billionaire entrepreneur publicly backed President Donald Trump’s campaign last year and has become the face of the administration’s controversial efficiency initiative aimed at reducing the federal government’s spending and workforce. Musk’s persona has been considered a key driver of interest from mom-and-pop traders in the stock, but there are some signs that his foray into politics has shifted public sentiment . Data from Vanda Research shows it has been one of — if not the — most bought securities on balance annually by retail investors since 2022. Musk said in an interview on Monday that he is running his businesses, which also include X and SpaceX, with “great difficulty” while also leading the so-called Department of Government Efficiency. A day later, Trump said he would purchase a Tesla as a way to back Musk. Trump also said he would deem vandalism at Tesla dealerships as acts of domestic terrorism. The statement came after Baird analyst Ben Kallo told CNBC on Monday that such instances against Tesla vehicles could give potential customers pause. “When people’s cars are in jeopardy of being keyed or set on fire out there, even people who support Musk or are indifferent Musk might think twice about buying a Tesla,” Kallo said. Shares popped on Tuesday and Wednesday following the declaration from Trump, as well as a Morgan Stanley note to clients suggesting investors buy the dip. But Tesla traded lower on Thursday and headed for its eighth straight losing week, extending its longest weekly losing streak on record.