Tesla TSLA shares were choppy on Friday as investors weighed whether enthusiasm for Elon Musk’s next market move could dent support for the electric-vehicle maker, which has long leaned on a loyal retail base.

The stock was last trading slightly lower after opening with gains, according to a June 12 market update.

Tesla has been one of the more volatile large-cap names this year, and traders have been reacting to the debut of SpaceX in public-market discussions.

Some analysts say money rotating into the rocket company could leave Tesla with less backing from the individual investors who have helped drive the stock higher in the past.

The move comes after Tesla has fallen about 12% so far this year, even as broader markets have mostly advanced. That has kept attention on how much investor enthusiasm remains tied to Musk’s wider business empire.

Shares continued to move between modest gains and losses in early trading, underscoring how sensitive Tesla remains to headlines involving Musk and his other companies.