Musk having ‘great difficulty’ running businesses amid DOGE obligations, Tesla stock slide
Tech billionaire Elon Musk admitted he is having “great difficulty” running his various businesses as he juggles an advisory role in the Trump administration and leads the Department of Government Efficiency's (DOGE) efforts to overhaul the federal workforce, all while Tesla stocks fall.
Musk sat for a rare interview Monday night on Fox Business with former Trump administration official Larry Kudlow. The host asked him about the billionaire's “call to action” within the administration and how he’s managing to keep his companies like Tesla, SpaceX, Neuralink and social platform X up and running.
“How are you running your other businesses?” Kudlow asked.
“With great difficulty,” Musk replied.
The tech mogul, quiet, appeared to be gathering his thoughts for a longer response.
“Yeah, I mean...” he added, with a sigh.
“But there’s no turning back, you’re saying?” Kudlow questioned.
After a pause, Musk said he is in the administration “trying to make government more efficient,” to eliminate waste and fraud.
“And so far, we’re making good progress, actually,” he said.
Musk’s interview coincided with a large drop in Tesla shares. His role as a key White House adviser, primarily his work to cut federal spending alongside the DOGE, is largely seen as the reason why the electric vehicle (EV) company's stock is falling.
His sudden shift to right-wing politics may not be sitting well with Tesla shareholders, who are generally seen as environmentally conscious liberals who chose the company for its EVs.
The interview also came as X was reportedly targeted in a “massive cyberattack” that Musk said was traced back to the “Ukraine area.” Thousands of users experienced outages, and the X owner said the attack was "done with a lot of resources."
Musk, a key ally of President Trump, said in the interview that his goal with DOGE is to scale back federal spending. Seeing the national debt compared to the defense spending was a wake-up call for him, he added.
“The goal here is, let’s not have America go bankrupt with waste and fraud,” he said. “So, that’s what I’m here for, and we’re making good progress.”
As of mid-February, DOGE said it saved the government $55 billion so far, even as thousands of federal workers were without jobs.
Topics
-
DOGE chief Elon Musk says he's running businesses 'with great difficulty' as Tesla shares tank
The Tesla CEO Musk said he expected to realize $1 trillion in government savings for the Trump administration as part of the DOGE project.CNBC - 1d -
These 5 Problems at Elon Musk’s Businesses Are Rooted in His DOGE Work
The time and focus Musk has dedicated to slashing federal jobs has sent investors and customers bolting from Tesla stock and cars, adding to other business for the divisive CEO.Inc. - 10h -
Wall Street suffers ‘ugly’ sell-off amid US recession fears, as Musk’s Tesla falls 50% from all–time high – business live
Volatility soars and shares slide after Beijing imposes tariffs on imports of agricultural goods from America. Analysts at investment bank Jefferies remain optimistic about the prospects for the ...The Guardian - 1d -
Tesla facilities across the country attacked in protest of Elon Musk
A wave of anti-Tesla attacks have occurred as Elon Musk takes a leading role in President Trump's cost-cutting task force known as DOGE.CBS News - 3d -
Trump says he’s buying ‘brand new’ Tesla to support Musk
President Trump said he would be buying a “brand new” Tesla to support his senior adviser Elon Musk, as the stock market shows shares of the electric car company tumbling. “To Republicans, ...The Hill - 17h -
Trump insists Musk, Rubio have 'great relationship'
President Trump insisted that Secretary of State Marco Rubio and close Trump adviser Elon Musk have a "great relationship" following an explosive report that the two clashed during a contentious ...The Hill - 3d -
Tesla shares have declined every week since Elon Musk went to Washington
Tesla's stock has dropped for seven straight weeks, a stretch that dates back to the beginning of Donald Trump's second term in the White House.CNBC - 3d -
Trump Says He’ll Buy a Tesla as More Americans Say They Won’t
Tesla shares tumbled on Monday and have fallen 45 percent this year so far. Part of the reason is Elon Musk’s DOGE work for President Trump.Inc. - 14h -
Tesla Stocks Tumble as Elon Musk’s Political Role Grows More Divisive
The automaker’s shares soared after Election Day as Elon Musk took a high-profile role as a Trump adviser. Now those gains have evaporated.The New York Times - 16h
More from The Hill
-
Judge declines to block DOGE from taking over African development agency
A federal judge on Tuesday declined to block the Department of Government Efficiency (DOGE) from taking over the U.S. African Development Foundation (USADF). U.S. District Judge Richard Leon ...The Hill - 1h -
Lutnick says Trump tariffs 'worth it' even if they lead to recession
Commerce Secretary Howard Lutnick said Tuesday that President Trump’s tariff policies will be worth it, even if the economy ends up in a recession. In an interview that aired Tuesday, CBS News’s ...The Hill - 1h -
Democrat wins special election for Minnesota state House seat
Minnesota Democratic-Farmer-Labor (DFL) candidate David Gottfried is projected to win a special election for a seat in the Minnesota House, according to Decision Desk HQ. Gottfried, a pro bono ...The Hill - 2h -
GOP Rep. Mark Harris says Trump has done 'tremendous job' making case against Education Department
Rep. Mark Harris (R-N.C.) said on Tuesday that President Trump successfully made the case against the Department of Education during his 2024 campaign, leading more Republicans to support the ...The Hill - 2h -
Sununu on possible Senate bid: 'I have not ruled it out completely'
Former New Hampshire Gov. Chris Sununu (R) said he is considering running for Senate after previously rejecting the possibility. “I have not ruled it out completely, but folks in Washington have ...The Hill - 4h
More in Politics
-
Judge declines to block DOGE from taking over African development agency
A federal judge on Tuesday declined to block the Department of Government Efficiency (DOGE) from taking over the U.S. African Development Foundation (USADF). U.S. District Judge Richard Leon ...The Hill - 1h -
Lutnick says Trump tariffs 'worth it' even if they lead to recession
Commerce Secretary Howard Lutnick said Tuesday that President Trump’s tariff policies will be worth it, even if the economy ends up in a recession. In an interview that aired Tuesday, CBS News’s ...The Hill - 1h -
Democrat wins special election for Minnesota state House seat
Minnesota Democratic-Farmer-Labor (DFL) candidate David Gottfried is projected to win a special election for a seat in the Minnesota House, according to Decision Desk HQ. Gottfried, a pro bono ...The Hill - 2h -
GOP Rep. Mark Harris says Trump has done 'tremendous job' making case against Education Department
Rep. Mark Harris (R-N.C.) said on Tuesday that President Trump successfully made the case against the Department of Education during his 2024 campaign, leading more Republicans to support the ...The Hill - 2h -
USAID staff instructed to clear out classified safes and shred or burn documents
"Shred as many documents first, and reserve the burn bags for when the shredder becomes unavailable or needs a break," the email reads.CBS News - 3h