Since it’s been making electric vehicles, Tesla Inc. has raked in almost $12 billion straight from the coffers of its competitors. If Donald Trump gets his way, that revenue stream won’t flow quite as quickly the next few years.

Tesla is slated to report quarterly earnings after the bell on Wednesday, with all eyes on whether its rosy 2025 sales growth predictions will remain the same.

Tesla shares have become a vehicle for investors to wager on Musk himself, rather than the company. That has advantages, but also poses risks.