March 31 (UPI) — Elon Musk, the richest person in the world, says backlash for his involvement in the Trump administration cutting spending and jobs is hurting the stock price of Tesla, his public company.
Musk, who is CEO of Tesla, said at a town hall Sunday in Green Bay, Wis., the company has been suffering, including lower sales and damage at dealerships since he became a senior adviser and heads the Department of Government Efficiency.
“What they’re trying to do is put massive pressure on me, and Tesla I guess, to … stop doing this,” Musk said. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
Shares of Tesla are down from a record high of 479.86 on Dec. 17 on Nasdaq.
On Friday, the stock prices closed a 263.55, down 3.51% for the day.
On Monday Tesla closed at 259.16, a drop of $4.39, or 1.67%.
About one-third of Musk’s estimated $330 billion wealth consists of stock in the electric vehicle company, according to Forbes. His net worth reached $464 billion when Tesla stock closed at the all-time high $480 per share.
“This is a very expensive job, is what I’m saying,” Musk told those in attendance.
He said: “Long term I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity.”
Last week, Commerce Secretary Howard Lutnick urged Americans to buy stock in Tesla.
“Buy Tesla,” Lutnick pitched on Fox News “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.
“I mean, who wouldn’t invest in Elon Musk? You gotta be kidding me.”
Musk was in Wisconsin to campaign ahead of a state Supreme Court election in the state Tuesday. Musk is backing conservative candidate Brad Schimel financially and gave $1 million each to two voters at Sunday’s rally for signing a petition against “activist judges.”
“The reason for the checks is really to get attention,” he said during the event, which was broadcast on his X platform, stating it would cost “10 times more to get the coverage we get.”
Schimel’s opponent is Susan Crawford, who has received the endorsement of the Democratic Party of Wisconsin.
Judicial races in Wisconsin are non-partisan.
in the state, there Tesla dealerships in Milwaukee and Madison.
Protesters demonstrated at some of the 277 Tesla dealerships over the weekend. Also, there have been reports of vandalism.
Tesla sales are declining, including 45% in Europe in January.
In the fourth quarter of 2024, Tesla achieved record vehicle production and deliveries, with more than 495,000 vehicles delivered. Tesla’s revenue was $25.71 billion, below the expected $27.26 billion.
On Wednesday, Tesla will disclose its first-quarter deliveries.
Wedbush Securities analyst Dan Ives forecasting that the company shipped 7% fewer vehicles compared with a year earlier.
“The anti-Musk and brand issues are clearly at play and a major factor in this weak 1Q delivery number,” Ives wrote in a research note Wednesday. “Musk needs to better balance being CEO of Tesla and running DOGE with investors and employees yearning for Musk’s leadership at this juncture.”
Tesla also runs several private companies, SpaceX, social media platform X, artificial intelligence company xAI, the Boring tunnel company. Tesla offers solar panels.
Musk on Friday announced he has sold his social media platform X to his artificial intelligence company, xAI, in an all-stock transaction valued at $33 billion plus $12 billion in debt.
Trump, who received $288 million from Musk during the 2024 presidential election, said Musk isolates himself from conflicts.
