Tesla\u00a0CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker\u2019s stock price.<\/p>\n
Speaking at a town hall event in Wisconsin, Musk said his role with the so-called Department of Government Efficiency \u2014 which is pushing for widespread government job cuts \u2014 is creating backlash against his electric car company and hurting the stock.<\/p>\n
\u201cWhat they\u2019re trying to do is put massive pressure on me, and Tesla I guess, to \u2026 stop doing this,\u201d Musk said, according to\u00a0Bloomberg News. \u201cMy Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it\u2019s a big deal.\u201d<\/p>\n
Elon Musk at a Cabinet meeting at the White House on March 24.<\/span>Win McNamee \/ Getty Images<\/span><\/p>\n Shares of Tesla entered Monday already down more than 34% year to date, and the stock has been cut nearly in half from its peak in December. Shares were down an additional 6% in premarket trading Monday.<\/p>\n Tesla\u2019s stock is trading at a little more than half of its highest level from December.<\/p>\n The drop for the stock could be a \u201cbuying opportunity\u201d for the long term, said Musk, who was in Wisconsin ahead of a state supreme court election there. Musk has campaigned for the conservative candidate and\u00a0spent more than $12 million\u00a0on the race, in addition to giving $1 million each to two voters at Sunday\u2019s rally for signing a petition against \u201cactivist judges.\u201d<\/p>\n The slumping stock isn\u2019t the only sign of public anger with Musk for his political work.\u00a0Protesters\u00a0demonstrated at Tesla dealerships over the weekend, and there have been reports of vandalism against vehicles and dealers across the country.<\/p>\n Musk\u2019s role in politics is not limited to DOGE. He publicly campaigned with Trump in 2024 and has been a regular presence at the White House since the new administration took over in January. He also regularly comments on many different political topics on X, the social media company he owns.<\/p>\n The CEO\u2019s rising political profile comes amid signs that Tesla\u2019s core business is slowing. The automaker\u2019s vehicle\u00a0deliveries declined in 2024, and preliminary data has shown that\u00a0sales are down again\u00a0early this year, especially in Europe. In a note to clients Sunday, investment firm Stifel\u00a0trimmed its price target\u00a0on the stock and lowered its sales projections for Tesla.<\/p>\n Musk\u2019s political dealings may not be the only reason for Tesla\u2019s struggles. Other\u00a0U.S. auto stocks\u00a0have also labored in recent weeks, partly because of threats of higher tariffs on imported goods into the U.S. and retaliation from overseas trading partners, adding uncertainty to an industry whose supply chains are tightly woven among the U.S., Canada and Mexico.<\/p>\n<\/p>\n Tesla\u00a0CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker\u2019s stock price. Speaking at a town hall event in Wisconsin, Musk said his role with the so-called Department of Government Efficiency \u2014 which is pushing for widespread government job cuts \u2014 is creating backlash against his electric car […]<\/p>\n","protected":false},"author":0,"featured_media":16462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/16461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=16461"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/16461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/16462"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=16461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=16461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=16461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}