Musk’s Work in Washington Drags Down Tesla

Tesla faced a significant stock drop of 15.43% on March 10, 2025, and its market value halved since December 2024. Additionally, Tesla owner Elon Musk's social platform X experienced cyberattacks

On March 10, 2025, Tesla and its CEO Elon Musk faced a challenging day. Tesla's stock price plummeted 15.43%, marking the steepest drop since September 2020, and the company's market value has halved from the peak reached in December 2024. Additionally, the social media platform X (formerly Twitter), acquired by Musk, experienced multiple service interruptions due to a large-scale cyberattack.

Elon Musk, in an interview with Fox News, stated that balancing the role within the U.S. government's Efficiency Department and running his own business is "extremely difficult." He then let out a long sigh.

U.S. President Donald Trump quickly expressed his support. On the night of March 10 local time, he posted on social media stating that Elon Musk is a great American and Tesla is one of the greatest car companies in the world. To show his confidence and support for Musk, he added, "I'm going to buy a brand new Tesla tomorrow morning." "Thank you, Mr. President," Musk promptly responded publicly on X.

Elon Musk's predicament stems from his political alliance with the U.S. President. During the 2024 U.S. presidential election, Musk fully supported Donald Trump and was one of the major donors to his campaign. In January 2025, after Trump officially took office, he appointed Musk to head the U.S. Government Efficiency Department.