Elon Musk, CEO of Tesla and head of the Department of Government Efficiency (DOGE) under President Donald Trump’s administration, attributed the decline in Tesla’s stock price to his own actions.
During a town hall event for the Wisconsin Supreme Court campaign in Green Bay last Sunday, Musk acknowledged the personal toll of his work with DOGE, calling it a “very expensive job,” according to CBS News.
Addressing critics who oppose his political activities and have targeted Tesla stores and vehicles for vandalism, Musk said, “Their goal is to put immense pressure on me and Tesla to force me to quit. As a result, my Tesla stock, along with that of all Tesla shareholders, has nearly halved in value.
Musk added, “Long term I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity.”
Indeed, Tesla’s stock surged to $479.86 on December 17, shortly after Trump’s election. However, following Trump’s second-term inauguration and Musk’s involvement with DOGE, the stock plummeted, closing at $263.55 on March 28—a drop of over 45% from its peak.
According to the Bloomberg Billionaires Index, Musk’s personal net worth has declined by more than $100 billion this year alone.
Analysts link Tesla’s stock decline to Musk’s controversial actions, including his Nazi-style salute at Trump’s inauguration and his leadership at DOGE, which has overseen federal agency downsizing and mass civil servant layoffs.
On March 29, protests erupted at over 200 Tesla stores across the United States, with similar demonstrations taking place at more than 200 locations worldwide, including in Australia, New Zealand, Finland, Norway, Germany, France, and the UK.
Despite the backlash, Musk remains politically active.
After making substantial donations to Trump’s campaign in the last U.S. presidential election, he is now backing up a conservative candidate in the Wisconsin Supreme Court race.
The Milwaukee Journal Sentinel reports that Musk has invested over $14 million to support Republican-backed candidate Brad Schimel in the Wisconsin Supreme Court election.
