Elon Musk Struggles Amid Tesla's Plummet, X Outages, and Political Firestorm

Elon Musk, the CEO of both Tesla and X (formerly Twitter), acknowledged the challenges he's facing in managing his businesses amid various controversies and market fluctuations. During an interview on Fox Business, Musk stated that he is running his companies "with great difficulty."

Tesla's Stock Plummet

Tesla's stock experienced its steepest decline in five years, shedding over 15.4% of its value on Monday. This downturn follows a consistent weekly decline since Musk assumed the role of head of the Department of Government Efficiency within the Trump administration. The electric vehicle company has seen its market capitalization shrink by more than 50%, amounting to nearly $800 billion in losses.

DOGE and Government Efficiency Efforts

Musk also highlighted his role in leading DOGE (Department of Government Efficiency), emphasizing its efforts to reduce federal government spending and employee headcount. He claimed that DOGE currently has over 100 employees positioned across various government agencies, with the potential to reach 200.

He asserted, "Unless we're stopped, we will get to $1 trillion of savings," although these estimates have been contested, and DOGE has removed some of the previously listed substantial savings from its website.

X Outages and Cyberattacks

Musk attributed the outages experienced by X on Monday to a "massive cyberattack" originating from internet protocol addresses in Ukraine. However, he did not provide any evidence to support this claim.

Political Tensions and Musk's Statements

The interview coincided with escalating political tensions, particularly between Musk and Democratic Senator Mark Kelly. Musk labeled Kelly a "traitor" on Twitter after the senator shared his recent visit to Ukraine. This exchange reflects the broader political climate surrounding the ongoing conflict in Ukraine and the Trump administration's pressure on Ukraine to negotiate a peace deal with Russia.

Musk's Diverse Business Ventures

Beyond Tesla and X, Musk's entrepreneurial endeavors encompass SpaceX, a space exploration company, and Neuralink, a neurotechnology firm. The multifaceted nature of his business portfolio adds complexity to his current challenges in managing all aspects effectively.