His remarks followed Tesla losing $130 billion in stock market value in a broad selloff on Wall Street that left the electric car maker’s shares at their lowest since October.
The decline in Tesla’s market capitalization on Monday eclipsed the $86 billion combined stock market value of Ford Motor and General Motors.
Investors in Tesla have been concerned that Musk’s work leading the Department of Government Efficiency to slash government expenditure was distracting him from running his companies, which include Tesla, SpaceX, X and xAI. Fox Business’s Larry Kudlow asked him in an interview on Monday about the pressure. “I mean, how are you running your other businesses?” Kudlow asked. “With great difficulty,“ Musk replied, with a sigh. After the recent slump in Tesla’s shares, the stock has continued to trade at multiples far higher than other automakers, with supporters betting on Musk’s promises to deliver self-driving taxis and humanoid robots. More recently, Musk’s role in sweeping cuts to the federal workforce at the behest of Trump has led to “Tesla Takedown” protests in the U.S. against the automaker, while Tesla’s sales in Europe have slumped. On Sunday, dozens of demonstrators gathered at the Tesla showroom in Lisbon to protest against Musk, with some holding signs reading “Boycott Tesla”.
Musk’s support for far-right parties in Europe appears to be coming at a price for Tesla sales there. Tesla’s car sales in Europe tumbled 45% in January from a year earlier, while overall EV sales jumped over 37%, according to the European Automobile Manufacturers Association.
Analysts point to other factors in the global EV market, including increased competition from Chinese brands and legacy automakers such as GM.
Read More Details
Finally We wish PressBee provided you with enough information of ( Musk says juggling DOGE and CEO jobs is difficult, as Tesla shares slump )
Also on site :