Tesla CEO Elon Musk has acknowledged that his role in the Department of Government Efficiency (DOGE), a position he holds alongside former President Donald Trump, is affecting the company’s stock price. Musk described his advisory role as “a very expensive job,” stating it’s weighing on the electric vehicle maker.
Musk’s involvement with DOGE has sparked protests and opposition from some Americans who object to its activities, including accessing sensitive data for millions of people and closing government agencies. This led to crowds gathering outside Tesla dealerships in the US and Europe to express their disapproval.
Tesla’s stock price has declined 48% since Musk joined Trump’s administration, with shares falling $15.27 in early Monday trading. The company is also facing pressure on sales, with some former owners saying they’ve stopped buying Teslas due to Musk’s political activities.
Sales of new Teslas in Europe plummeted by 45% in January, and Tesla trade-ins reached a record high this month, suggesting a decline in customer confidence. The company will disclose its first-quarter deliveries on April 2, with analysts forecasting a 7% decrease in shipments compared to last year.
Source: https://www.cbsnews.com/news/elon-musk-doge-very-expensive-job-tesla-stock-down-wisconsin