Elon Musk revealed he faces “great difficulty” managing his businesses amid Tesla’s worst stock drop in five years and ongoing challenges at social media platform X. During a Fox Business interview, Musk confirmed his continued role as head of the Trump administration’s Department of Government Efficiency (DOGE), which aims to slash federal spending and reduce government staffing by over 10,000 jobs since February.
Tesla’s market value has plummeted nearly $800 billion, losing more than half its worth since Musk joined DOGE. Despite this, Musk claimed savings exceeding $4 billion daily but faced skepticism as his department retracted prior cost-cutting claims.
The CEO also clashed with Senator Mark Kelly after calling him a “traitor” over Kelly’s stance on Ukraine. Meanwhile, X blamed Monday’s service outages on a cyberattack linked to Ukraine, though provided no evidence. Musk defended Trump administration efforts pressuring Ukraine to accept ceasefire terms favorable to Russia, including U.S. mineral rights in exchange for peace.
Tesla shares fell 15.4% as Musk balances his government duties with leading SpaceX, Neuralink, and other ventures.
Source: https://www.cnbc.com/2025/03/10/musk-tesla-doge-stock-market.html