KEY TAKEAWAYS
- Tesla CEO Elon Musk said in an interview that he was running his businesses “with great difficulty” as his extensive role in the Trump administration and weak sales weigh on the EV company’s stock.
- Tesla shares are regaining some ground in premarket trading but closed Monday below the level when Donald Trump won the U.S. election.
- Musk also suggested he would be running the Department of Government Efficiency, or DOGE, for another year.
Tesla (TSLA) CEO Elon Musk said in an interview Monday that he was running his businesses “with great difficulty” as his extensive role in President Donald Trump’s administration and weak sales weigh on the EV company’s stock.
Tesla shares are up 1.5% in premarket trading but plummeted more than 15% Monday to lead S&P 500 decliners, closing for the first time below their Election Day level.
Asked by Fox Business‘ Larry Kudlow—who served as National Economic Council director under the previous Trump administration—how he is running his businesses alongside his role on the Department of Government Efficiency, or DOGE, Musk responded, “With great difficulty.” In response to a question asking whether he would continue at DOGE for another year, Musk said, “Yeah, I think so.”
Musk has been running DOGE, which has a goal of cutting federal government spending and headcount, and investors have been worried that his role has distracted him from running Tesla. His close ties to the administration have alienated some Tesla owners and prospective buyers, also leading to a backlash against the brand.
In response to an X post listing Tesla’s largest one-day stock drops, Musk wrote, “It will be fine long-term.”
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