Elon Musk has recently encountered significant challenges in managing his responsibilities in the U.S. Department of Government Efficiency, also known as DOGE, alongside his various business undertakings. On a particularly tumultuous Monday for Tesla, the company recorded its most substantial one-day stock drop in five years, coinciding with a series of cyberattacks targeting his social media platform, X.
During an insightful interview, Musk indicated his intention to continue in his position within the Trump administration for at least another year. Since his appointment as the 'Minister' of DOGE under President Donald Trump, Tesla has seen a consistent decline in its stock value week after week. This government initiative, while ambitious, has been met with controversy as it aims to streamline federal spending and reduce workforce numbers.
As a result, Tesla's market value has plummeted by half from its all-time high, representing an astonishing loss of nearly $800 billion in market capitalization. According to recent data from Forbes, Musk's wealth took a significant hit, decreasing by $22.8 billion in a single day; however, despite this downturn, he still maintains a lead of over $100 billion ahead of Jeff Bezos, the second highest on the list of billionaires.
Furthermore, Musk revealed that the DOGE team currently comprises more than 100 members, with aspirations to expand this number to 200 in the near future..