Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Business

Elon Musk says backlash against his DOGE government cuts is hurting Tesla stock

by admin April 2, 2025
April 2, 2025
Elon Musk says backlash against his DOGE government cuts is hurting Tesla stock

Tesla CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker’s stock price.

Speaking at a town hall event in Wisconsin, Musk said his role with the so-called Department of Government Efficiency — which is pushing for widespread government job cuts — is creating backlash against his electric car company and hurting the stock.

“What they’re trying to do is put massive pressure on me, and Tesla I guess, to … stop doing this,” Musk said, according to Bloomberg News. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”

Elon Musk at a Cabinet meeting at the White House on March 24.Win McNamee / Getty Images

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.

Tesla’s stock is trading at a little more than half of its highest level from December.

The drop for the stock could be a “buying opportunity” 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 spent more than $12 million on the race, in addition to giving $1 million each to two voters at Sunday’s rally for signing a petition against “activist judges.”

The slumping stock isn’t the only sign of public anger with Musk for his political work. Protesters demonstrated at Tesla dealerships over the weekend, and there have been reports of vandalism against vehicles and dealers across the country.

Musk’s 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.

The CEO’s rising political profile comes amid signs that Tesla’s core business is slowing. The automaker’s vehicle deliveries declined in 2024, and preliminary data has shown that sales are down again early this year, especially in Europe. In a note to clients Sunday, investment firm Stifel trimmed its price target on the stock and lowered its sales projections for Tesla.

Musk’s political dealings may not be the only reason for Tesla’s struggles. Other U.S. auto stocks have 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.

This post appeared first on NBC NEWS

previous post
Restaurant chain Hooters files for bankruptcy protection to enable founder-led buyout
next post
StrategX Announces Executive Change

Related Posts

Donatella Versace steps down as head of Italian...

March 14, 2025

Trump signs executive order to end collective bargaining...

March 29, 2025

Elon Musk’s politics are hurting Tesla, 85% say...

March 14, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025

Bucking trend, McDonald’s vows no egg surcharges as...

February 27, 2025

Nationwide coordinated retail crime crackdown results in hundreds...

June 5, 2025

Apple boosts U.S. investment plans with $500 billion...

February 25, 2025

Microsoft laying off about 9,000 employees in latest...

July 4, 2025

Nvidia CEO Jensen Huang warns China is ‘not...

May 1, 2025

Nintendo Switch 2 retail preorder to begin April...

April 21, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Tech Takes the Spotlight Again—Are You Watching These Stocks?

      July 17, 2025
    • This Tool Could Change Your Options Trading Forever

      July 17, 2025
    • Four Symbols, One Big Message: What the Charts are Telling Us

      July 17, 2025
    • 30 Dow Stocks in 20 Minutes: Joe Rabil’s Mid-Year Technical Check

      July 17, 2025
    • Simpler Charts, Better Results? Use This Trick to Trade Smarter With Less

      July 17, 2025
    • Rich Checkan: Gold, Silver Still “Dirt Cheap” — Best Time to Buy Was Yesterday

      July 17, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved