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Elon Musk acknowledged that his role overseeing President Donald Trump’s efforts to slash federal spending is costing him — and Tesla (TSLA+1.13%) — “a lot.”
Backlash over Musk’s job leading the Department of Government Efficiency (DOGE) was swift and has grown in recent weeks as the group continues to direct the Trump administration’s approach to downsizing the government. Musk claimed last week that DOGE cuts an average of $4 billion in federal spending each day.
His Tesla has become an easy target for protesters angered by his support of Trump and his work in the federal government. Non-violent, anti-Tesla protests have been held across the U.S. and other countries, while vandalism against the company’s customers and facilities has ramped up.
Forty-seven percent of voters surveyed by NBC News (CMCSA+1.99%) earlier this month had a negative view of DOGE, while 51% had a negative view of Musk himself. The idea of DOGE, however, was more popular, with 46% calling it a good idea and 40% saying it was bad.
“What they’re trying to do is put massive pressure on me, and Tesla I guess, to you know, I don’t know, stop doing this,” Musk said on Sunday. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
Telsa shares hit a record price of $479.86 at its post-election fueled peak on Dec. 17, but most of those gains have since been wiped out. The stock has fallen by more than 30% year-to-date, sending Musk’s net worth down $102 billion to $330 billion. He still has a more than $100 billion lead over the next richest person in the world, Amazon (AMZN-1.08%) founder Jeff Bezos.
Tesla stock dropped by more than 5% to $248 per share in pre-market trading on Monday as investors await weaker first-quarter sales than previously expected. Deliveries are expected to have taken a hit from the “Tesla Takedown” protests that have continued to put pressure on Tesla, as well as weaker sales in Europe and China.
“Long term I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity,” Musk said from a political event in Wisconsin, where he took the stage wearing a cheesehead hat.
The Tesla CEO was in Wisconsin on Sunday to support Brad Schimel, who has been endorsed by Republicans in the state’s Supreme Court election scheduled for Tuesday. Musk and his allies have spent more than $20 million campaigning across the state.
On Sunday, Musk handed out $1 million checks to two local voters who had expressed support for Schimel and signed a petition supporting his candidacy. A third individual had earlier received a $1 million check.
Those people were also named as spokespeople for his America PAC, a tactic that allows the group to side-step accusations of running an illegal lottery. A similar strategy was employed by Musk to hand out $1 million checks to more than a dozen people during the 2024 presidential election.
“Easiest money you ever made!” Musk said on Monday, advocating for people to get Wisconsin residents to sign America PAC’s petition and post a photo supporting Schimel. “Every time you do that you get $20 and they get $20. The goal is to build awareness about the election tomorrow, so this offer applies to today and tomorrow.”