WHITE: The Trump coalition is beginning to fracture, and in a lot of ways, there is historical precedent for this. Trump and Grover Cleveland have a lot in common besides serving non-contiguous terms as president.

The Musk effect still underpins Tesla’s market cap. The shareholders who have pumped up its stock price are fixated on the technology future that he has conjured up, not the electric car business that is the company’s bread and butter today.