Elon Musk Faces Massive Backlash: Protests, Stock Crash & Tesla Woes

Elon Musk is at the center of a storm, facing intense backlash after taking charge of the Department of Government Efficiency in the Trump administration. Protests have erupted across the U.S. — from California to New York — condemning Musk’s budget cuts, mass layoffs, and the elimination of federal contracts. Tensions are running high, with reports of shots fired outside Tesla showrooms. The fallout is hitting Tesla hard. The company’s stock has plunged over 50% since its December high of $488, with Monday alone witnessing a steep 15% drop—the worst since 2020. This has significantly dented Musk’s wealth, now down to $301 billion from $486 billion. Investors worry that his growing political commitments are pulling him away from Tesla at a critical time. Adding to the chaos, Musk’s social media platform, X.com, suffered a massive outage on Monday following a suspected cyber-attack. Musk hinted that Ukrainian hackers may be responsible, following Trump’s decision to cut U.S. support for Ukraine.