With Tesla stocks plunging, owners rushing to sell their vehicles, and protests against Elon Musk's car company growing, it's been a bad time for Tesla and its Trump-supporting CEO. And on Tuesday, The Late Show host Stephen Colbert used his monologue to break it all down.

Mr. Musk is fundamentally a creature of Silicon Valley, a scene that initiated an entire revolution in power dressing. The young masters of that universe dressed down to show that they were members of a new elite — one that refused to dress like the grown-ups they were about to topple. It was the defeat of the suit by the T-shirt.

The federal cost cutting measures undertaken by Musk have spurred "Tesla Takedown" protests with dealerships being vandalized across the nation.