Tesla shares slump: Elon Musk says juggling DOGE and CEO jobs is difficult

Elon Musk is feeling the strain of running his businesses amid his involvement with the Trump administration. The Tesla, SpaceX, and X chief acknowledged the challenge in a Fox Business interview on Monday, saying he is managing his ventures “with great difficulty.”

His comments come after Tesla’s stock took a massive hit, losing $130 billion in market value in a single day. Shares of the electric vehicle giant fell 15% to $222.15, dragging down the Nasdaq, which tumbled 4% over investor concerns that Trump’s proposed tariffs on major trading partners could push the U.S. economy into a recession.

The dramatic decline wiped out Tesla’s stock rally from late last year, when Musk’s close ties with Trump had fueled optimism among investors. Monday’s losses also erased Tesla’s remaining post-election gains, raising questions about how Musk’s political commitments are impacting his leadership at the automaker.

Investors and analysts are increasingly concerned about Musk’s focus, as he juggles his role at Tesla with his work leading the Department of Government Efficiency, a Trump-led initiative aimed at cutting federal spending.

Fox Business host Larry Kudlow asked Musk about the pressure of balancing these responsibilities. “I mean, how are you running your other businesses?” Kudlow inquired. “With great difficulty,” Musk responded with a sigh.

Despite its recent stock drop, Tesla’s valuation remains significantly higher than other automakers, with backers betting on Musk’s long-term promises of self-driving taxis and humanoid robots. However, concerns over his political activities appear to be having tangible effects on Tesla’s global reputation and sales.

Musk’s growing support for far-right parties in Europe may be affecting Tesla’s performance in the region. The company’s sales in Europe plummeted 45% in January compared to the previous year, even as overall EV sales rose 37%, according to the European Automobile Manufacturers Association.

The backlash has also spilled into public demonstrations. Protests against Musk’s involvement in U.S. federal workforce cuts, dubbed the “Tesla Takedown,” have erupted across the country. On Sunday, demonstrators gathered outside a Tesla showroom in Lisbon, some carrying signs urging consumers to “Boycott Tesla.”