Tesla CEO Elon Musk juggles his leadership role at Tesla with his involvement in the Department of Government Efficiency (DOGE), admitting to facing "great difficulty" as Tesla's stock performance raises concerns.
Tesla (TSLA) CEO Elon Musk has acknowledged the strain of managing his electric vehicle empire alongside his duties with the Department of Government Efficiency (DOGE). In a recent interview, Musk confessed to running his businesses "with great difficulty," amidst concerns about weak sales and his extensive role in the Trump administration.
Tesla shares experienced a significant drop, plummeting more than 15% and closing below their Election Day level for the first time. This decline led to Tesla being the S&P 500's biggest loser on Monday. However, premarket trading shows a slight recovery, with shares up 1.5%.
When questioned by Fox Business' Larry Kudlow about managing his businesses alongside his DOGE responsibilities, Musk responded, "With great difficulty." He also indicated his intention to continue at DOGE for another year. Musk's involvement with DOGE, aimed at cutting federal government spending and headcount, has sparked worries among investors. The concern is that his governmental role may be distracting him from effectively leading Tesla. Furthermore, Musk's close ties to the Trump administration have reportedly alienated some Tesla owners and potential customers, leading to a backlash against the brand.
Despite the concerns, Musk remains optimistic about Tesla's future. In response to a post on X highlighting Tesla's largest one-day stock drops, Musk confidently stated, "It will be fine long-term."
It will be fine long-term.
- Elon Musk
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