Elon Musk’s government stint has reached its end, with investors and experts alike expressing relief as his role as Trump’s special advisor is expected to wrap up in late May or June.
The past 24 hours have seen a series of setbacks for the world’s richest person. A $20 million losing bet on a pro-Trump candidate in Wisconsin sparked humiliation, followed by Tesla reporting its biggest sales drop ever, falling 13% in the first quarter. Its rival company grew revenue by 60% during the same period.
The White House has called allegations about Musk overstaying his welcome in Washington “garbage,” but Politico reports have fueled concerns that he is no longer fit for this role. Despite this, Tesla shares reversed a decline earlier this week after news broke of Musk’s impending departure.
Musk’s recent losses have wiped over a quarter of his net worth since January, leaving him with $323 billion – still the world’s richest person. However, his association with far-right groups has damaged Tesla’s brand among its former eco-conscious customer base.
The company’s struggles to replace lost customers with new ones from red states who have resisted EV adoption continue to plague it. Attempts by Musk and Tesla to re-engage these customers have only made things worse. The latest rebuke came from voters, with Musk’s attempt to influence the Wisconsin election backfiring.
As Tesla continues to face sales drops, Musk is learning that money alone cannot guarantee success. His ongoing efforts to improve his company’s market share and deliver on long-awaited promises remain uncertain.
Source: https://edition.cnn.com/2025/04/03/business/elon-musk-tesla-sales-nightcap/index.html