DOGE chief Musk says he's running his businesses 'with great difficulty,' as Tesla shares tank [View all]
Source: CNBC
Published Mon, Mar 10 2025 4:54 PM EDT Updated 12 Min Ago
DOGE chief Elon Musk said Monday that he is running his businesses “with great difficulty,” as shares of his automotive firm Tesla suffered their worst drop in a half-decade, and as his social media company X experienced several outages. Musk also said during an interview on Fox Business that he expected to remain in the Trump administration for another year. Tesla’s stock has fallen every week since Musk joined the Trump administration as head of the Department of Government Efficiency, which is engaged in a broad, controversial effort to reduce federal government spending and employee headcount.
The electric vehicle company has lost more than 50% of its market capitalization, equal to nearly $800 billion. On Monday, Musk said there are currently more than 100 people on DOGE’s team, positioned in nearly every government agency. He said that the number of DOGE staffers might increase to 200. “Unless we’re stopped, we will get to $1 trillion of savings,” Musk predicted. Musk’s estimates of savings have been challenged, and DOGE has deleted some of the largest purported savings that it listed on its website.
In addition to Tesla and X, Musk’s other businesses include the space exploration company SpaceX and the neurotechnology company Neuralink. In Monday’s interview, Fox Business host Larry Kudlow said that as head of DOGE, “You’re giving up your other stuff.” “How are you running your other businesses?” Kudlow asked. Musk replied, “With great difficulty,” and chuckled. “Yeah, I mean,” Musk sighed.
“I’m just here trying to make government more efficient, eliminate waste and fraud, and so far we’re making good progress, actually,” he said. “Our savings at this point exceed $4 billion a day. So it’s very significant.” Tesla shares close regular trading down more than 15.4% on Monday. Musk blamed the outages that X experienced Monday on “a massive cyberattack” from internet protocol addresses originating in the Ukraine area.” He did not provide any evidence for that claim.
Read more: https://www.cnbc.com/2025/03/10/musk-tesla-doge-stock-market.html
Article updated.
Previous article -
DOGE chief Elon Musk said Monday that he is running his businesses "with great difficulty," as shares of his automotive firm Tesla suffered their worst drop in a half-decade. Musk also said during an interview on Fox Business that he expected to remain in the Trump administration for another year.
Musk's Department of Government Efficiency is engaged in a broad, controversial effort to reduce federal government spending and employee headcount. On Monday, Musk said there are currently more than 100 people on DOGE's team. He said that the number of DOGE staffers might increase to 200.
In addition to Tesla, Musk's other businesses include the space exploration company SpaceX, the social media company X, and the neurotechnology company Neuralink.
In Monday's interview, Fox Business host Larry Kudlow said that as head of DOGE, "You're giving up your other stuff." "How are you running your other businesses?" Kudlow asked. Musk replied, "With great difficulty," and chuckled.
This is breaking news. Please refresh for updates.
Original article -
DOGE chief Elon Musk said Monday that he is running his businesses "with great difficulty," as shares of his automotive firm Tesla plummeted in their worst drop in a half-decade.
Musk also said during an interview on Fox Business that he expected to remain in the Trump administration for another year.
Musk's Department of Government Efficiency is engaged in a broad effort to reduce federal government spending and employee headcount.
On Monday, Musk said there were more than 100 members of DOGE's team. He said that the number of DOGE staffers might increase to 200.
This is breaking news. Please refresh for updates.
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