Elon Musk has admitted to experiencing “great difficulty” managing his numerous businesses amid his involvement with the Trump administration. During a recent interview with Fox Business, the Tesla and SpaceX CEO acknowledged the strain. His comments followed a significant downturn for Tesla, with the company’s stock losing $130 billion in market value in a single day. Recently, shares of the electric vehicle maker fell 15% to $222.15, contributing to a 4% drop in the Nasdaq.
This market reaction comes after some investors and analysts remain concerned about Musk’s attention, as he divides his time between Tesla and the Department of Government Efficiency, a Trump administration effort to reduce federal spending.
What Elon Musk said about juggling CEO and DOGE roles
At the interview, Fox Business host Larry Kudlow questioned Musk about the challenge of managing these responsibilities, “I mean, how are you running your other businesses?”
Musk replied with a sigh: “With great difficulty.”
Elon Musk’s Tesla stock prices have taken a hit
The latest decline erased Tesla’s stock rally from last year, when Donald Trump was elected as the US President. Musk’s connections with Trump created optimism among investors. However, the recent losses also removed Tesla’s remaining post-election gains, raising questions about how Musk’s political commitments are affecting his leadership at the automaker.
Despite its recent stock drop, Tesla’s valuation remains higher than other automakers, with backers betting on Musk’s promises of self-driving taxis and humanoid robots. However, concerns over his political activities appear to be having effects on Tesla’s global reputation and sales.
Musk’s support for right-wing parties in Europe may also be affecting Tesla’s performance in the region. The company’s sales in Europe fell 45% in January compared to the previous year, even as overall EV sales grew 37%, according to the European Automobile Manufacturers Association.
The reaction has also led to public demonstrations. Protests against Musk’s involvement in US federal workforce cuts, called the “Tesla Takedown,” have occurred across the country. Last week, people gathered outside a Tesla showroom in multiple locations, some carrying signs urging consumers to “Boycott Tesla.”
