Elon Musk says backlash against his DOGE government cuts is hurting Tesla stock
Tesla CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker’s stock price.
Tesla CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker’s stock price.
Speaking at a town hall event in Wisconsin, Musk said his role with the so-called Department of Government Efficiency — which is pushing for widespread government job cuts — is creating backlash against his electric car company and hurting the stock.
“What they’re trying to do is put massive pressure on me, and Tesla I guess, to ... stop doing this,” Musk said, according to Bloomberg News. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
Elon Musk at a Cabinet meeting at the White House on March 24.Win McNamee / Getty ImagesShares of Tesla entered Monday already down more than 34% year to date, and the stock has been cut nearly in half from its peak in December. Shares were down an additional 6% in premarket trading Monday.
Tesla’s stock is trading at a little more than half of its highest level from December.
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