Elon Musk is facing significant challenges as Tesla’s stock has dropped by more than 50%, leading to major financial losses. Musk’s net worth fell nearly $9 billion in a single week, as the stock declined 6%, bringing his fortune from $464 billion in December to around $342.8 billion. Tesla’s stock has plummeted from nearly $480 per share in mid-December to about $220 in early March 2025, losing over $800 billion in market capitalization. This decline comes during Musk’s active role as head of the Department of Government Efficiency (DOGE), where he is focused on reducing taxpayer expenditures and cutting the federal workforce. Additionally, the global decline in electric vehicle sales is adding to the strain on Tesla.In response, Musk’s ally, former President Donald Trump, has shown strong support. On March 10, Trump defended Musk on Truth Social, accusing “Radical Left Lunatics” of trying to undermine him and Tesla. Trump, who previously criticized electric vehicles, announced he would buy a new Tesla to demonstrate his confidence in Musk. On March 11, Trump even transformed the White House into a Tesla showroom, showcasing various models and reiterating his support for Musk’s efforts to help “Make America Great Again.”
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