Tesla CEO Elon Musk , a close ally of Donald Trump leading the Department of Government Efficiency ( DOGE ) has reportedly lost $113 billion since January this year. According to the Bloomberg Billionaires Index , Musk’s wealth has declined by 25% since January 17. The tech CEO owns multiple private companies that include space firm SpaceX , brain-chip company Neuralink , electric vehicle company Tesla microblogging platform X and AI company xAI . The loss is largely attributed to a decrease in Tesla shares which have dropped by up to 33% since Trump’s inauguration. Musk has played an important role in Trump’s second term as US President so far. He has attended meetings with President Donald Trump, foreign leaders, and top government officials. He has also led efforts to shut down many government agencies as the public face of DOGE.
So much so that Elon Musk reportedly joined Donald Trump's phone call with Ukrainian President Volodymyr Zelenskyy and Google CEO Sundar Pichai, an indication of his strong ties with the US President.
Elon Musk’s Tesla ‘most-impacted’ because of his ties with Trump
However, Tesla, the only one of Musk’s companies that is publicly traded and a major part of his personal wealth, took a hit of his close association with the Trump administration. Since Trump’s inauguration, Tesla’s stock has fallen 33%. The company’s sales have dropped and Tesla stores have also become victims of several protests across countries.
A Bloomberg report quotes Elaine Kamarck, the director of the Center for Effective Public Management at the Brookings Institution in Washington who said “This is 100 days of destruction. DOGE is cutting into muscle, not fat. Elon Musk is taking a lot of the heat for Trump’s decisions, and people have decided to hate Musk more than Trump.”
Elon Musk acknowledges Tesla ‘pain’ during Q1 earnings
Speaking at the company’s earnings call, Musk said “Starting next month, May, my time allocation to DOGE will drop significantly”. He also addressed protests against Tesla, stating “The protests that you’ll see out there, they’re very organized. He further claimed that some of these protesters are likely protesting “because they’re receiving fraudulent money” or are “recipients of wasteful largesse.”
So much so that Elon Musk reportedly joined Donald Trump's phone call with Ukrainian President Volodymyr Zelenskyy and Google CEO Sundar Pichai, an indication of his strong ties with the US President.
Elon Musk’s Tesla ‘most-impacted’ because of his ties with Trump
However, Tesla, the only one of Musk’s companies that is publicly traded and a major part of his personal wealth, took a hit of his close association with the Trump administration. Since Trump’s inauguration, Tesla’s stock has fallen 33%. The company’s sales have dropped and Tesla stores have also become victims of several protests across countries.
A Bloomberg report quotes Elaine Kamarck, the director of the Center for Effective Public Management at the Brookings Institution in Washington who said “This is 100 days of destruction. DOGE is cutting into muscle, not fat. Elon Musk is taking a lot of the heat for Trump’s decisions, and people have decided to hate Musk more than Trump.”
Elon Musk acknowledges Tesla ‘pain’ during Q1 earnings
Speaking at the company’s earnings call, Musk said “Starting next month, May, my time allocation to DOGE will drop significantly”. He also addressed protests against Tesla, stating “The protests that you’ll see out there, they’re very organized. He further claimed that some of these protesters are likely protesting “because they’re receiving fraudulent money” or are “recipients of wasteful largesse.”
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