On Saturday stocks in the electric car maker had fallen 7 percent overnight. The Tesla price (TSLA) now stands at $663.90 (£531.61) as of the time of writing. Shares in Tesla have fallen down 13.5 percent in the last five days.
The share price tumble has coincided with a report by the Business Insider, that Mr Musk has sexually harassed an employee.
This is a claim that Mr Musk vehemently denies.
In the sensational article, Business Insider journalist Rich McHugh wrote: “She accused Musk of exposing his erect penis to her.
“He was rubbing her leg without consent, and offering to buy her a horse in exchange for an erotic massage, according to interviews and documents obtained by Insider.”
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“But nothing will deter me from fighting for a good future and your right to free speech.”
Mr Musk added in a tweet: “In the past I voted Democrat because they were mostly the kindness party.
“But they have become the party of division & hate, so I can no longer support them and will vote Republican.
“Now, watch their dirty tricks campaign against me unfold.”
Now #Elongate is trending on Twitter, something that Mr Musk had ironically jested about months before the event.
On March 25 Mr Musk tweeted: “If there’s ever a scandal about me, please call it Elongate.”
Yesterday Mr Musk tweeted: “Finally, we get to use Elongate as a scandal name.
“It’s kinda perfect.”