#MarketPullback

Tesla's shares continued to decline on Friday, which is associated with profit-taking after the rapid rally of the electric vehicle manufacturer's stocks following the U.S. presidential elections, reports CNBC.

In pre-market trading on Friday, Tesla's shares are down more than 5%, indicating a continuation of the pullback from the highs. On Wednesday, shares fell by 8%, marking the worst day since Donald Trump's victory in the presidential elections in November.

Trump's victory triggered a sharp rally in Tesla's stocks as investors increased their bets that the electric vehicle company would benefit from CEO Elon Musk's close ties to the elected president.

The shares are still up nearly 76% since the beginning of the year.

Musk was appointed by Trump as co-chair of the Office of Management and Budget, known as DOGE.

Musk was a staunch supporter of Trump during the Republican's campaign, investing $277 million, primarily in his campaign, according to documents from the Federal Election Commission. Musk is the richest person in the world with a net worth of $439.4 billion, according to Forbes.