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.

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.

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.