Elon Musk revealed in a recent interview with Fox Business that managing his diverse business interests, including Tesla, SpaceX, and his governmental role, is proving to be “difficult.” This comes as Tesla’s stock dipped to a five-month low, amidst Musk’s increasing engagement as a significant player in the Trump administration’s Department of Government Efficiency.
During the interview with Larry Kudlow, Musk was asked about balancing his various responsibilities while involved in political activities and advocating for DOGE. He candidly responded, expressing the challenges of juggling these roles. Musk acknowledged his commitment by stating, “There’s no turning back,” while emphasizing efforts to enhance government efficiency and reduce waste.
Despite not detailing how he manages Tesla and other companies, Musk’s leadership was called into question, particularly as Tesla shares plummeted over 15% in a single day, reaching lows not seen since late October. Following the drop, Musk’s estimated net worth fell by $22.8 billion to $319.6 billion, yet he remains the world’s richest individual, surpassing notable figures like Jeff Bezos and Mark Zuckerberg.
Tangent Insight:
Brad Lander, the comptroller of New York City, has expressed concerns regarding Musk’s focus as CEO, especially with pension funds holding significant Tesla shares. He suggested that Tesla would benefit from a full-time CEO solely dedicated to its leadership in the electric vehicle market.
Musk has become an influential figure in the current White House under President Trump, actively participating in discussions and meetings, while also labeling his role as “tech support.” His involvement in DOGE reflects his aim to drive government reforms through budget cuts and workforce reductions. Investor apprehension about Musk’s divided attention resurfaced following his $44 billion acquisition of Twitter (now X) in 2022, which led to a notable decline in Tesla’s market value.
