"Elon Musk Faces Tesla Stock Drop Amid Government Role"

Key Points:

• Elon Musk admitted he is running his businesses “with great difficulty” as Tesla stock experiences its worst decline in five years.
• Musk, now head of the Department of Government Efficiency (DOGE) in the Trump administration, expects to remain in his role for another year.
• DOGE is focused on cutting federal spending and reducing government jobs, a move that has sparked controversy.
• Musk engaged in a heated exchange with Sen. Mark Kelly over U.S. support for Ukraine.

Tesla’s Decline and Musk’s Struggles

Elon Musk, CEO of Tesla and SpaceX, acknowledged on Monday that managing his companies has become increasingly difficult. His remarks come as Tesla’s stock continues a sharp decline, dropping more than 15.4% in a single day—its worst performance in half a decade. Since Musk took on a role in the Trump administration, Tesla has lost more than 50% of its market value, wiping out nearly $800 billion in capitalization.

Despite these setbacks, Musk remains optimistic. In response to a post highlighting Tesla’s biggest stock drops, he tweeted, “It will be fine long-term.”

Meanwhile, Musk’s social media platform, X, suffered multiple outages, which he attributed to a “massive cyberattack” allegedly originating from Ukraine. However, he did not provide any supporting evidence for this claim.

Government Role & Cost-Cutting Measures

As head of the Department of Government Efficiency (DOGE), Musk is spearheading a broad initiative to cut government spending and reduce federal employment. According to Musk, there are currently over 100 DOGE employees embedded across government agencies, with plans to expand to 200 members.

“Unless we’re stopped, we will get to $1 trillion of savings,” Musk predicted. However, these claims have been met with skepticism, as DOGE has removed some of its largest savings estimates from its website.

Since the agency began its efforts, federal government employment dropped by 10,000 jobs in February, according to the Bureau of Labor Statistics.

Fox Business host Larry Kudlow pressed Musk on how he is managing his various businesses while taking on a government role. Musk responded with a chuckle, admitting, “With great difficulty.”

He added, “I’m just here trying to make government more efficient, eliminate waste and fraud, and so far, we’re making good progress.” According to Musk, DOGE’s current savings exceed $4 billion per day.

Musk vs. Mark Kelly: A Political Clash

Musk also found himself in a heated exchange with Sen. Mark Kelly (D-AZ) after calling him a “traitor” in response to a tweet about Kelly’s visit to Ukraine.

Kelly had posted: “Everyone wants this war to end, but any agreement has to protect Ukraine’s security and can’t be a giveaway to Putin.”

Musk’s accusation of treason was met with a strong rebuttal from Kelly, a former U.S. Navy pilot and NASA astronaut.

"Traitor? Elon, if you don’t understand that defending freedom is a basic tenet of what makes America great and keeps us safe, maybe you should leave it to those of us who do," Kelly fired back.

This exchange comes as the Trump administration pushes Ukraine to negotiate a ceasefire with Russia, reportedly offering the U.S. a stake in Ukraine’s mineral resources while allowing Russia to claim certain territories.

With Tesla’s stock in freefall, X experiencing outages, and his political involvement drawing criticism, Musk’s expanding responsibilities appear to be putting increasing pressure on his businesses and public image.