Elon Musk is having a rough time lately, especially with Tesla’s stock taking a serious hit.
In fact, his friend Donald Trump had to step in and defend him on Truth Social, claiming that “the Radical Left Lunatics” are trying to hurt “Elon’s ‘baby.’”
Has plummeted more than 50%
The drama is all tied to some wild moves on Wall Street, much of it sparked by Trump’s unpredictable changes in U.S. trade policy.
And Musk, unfortunately for him, is taking a massive financial hit.
Last week, Musk lost nearly $9 billion as Tesla’s stock crashed. By the end of Thursday, Tesla’s stock had dropped 6%, wiping out $8.8 billion from Musk’s net worth. His fortune dropped from $464 billion in December to just $342.8 billion.
Tesla’s stock has plummeted more than 50% since December, shocking both shareholders and analysts.
In mid-December 2024, the stock was near an all-time high of around $480 per share. By early March 2025, it had dropped to about $220, wiping out over $800 billion in market value — the biggest decline Tesla has experienced in years.
Tesla’s recent drop in stock value lines up with the time Elon Musk spent during Donald Trump’s presidency. As most people know, the founder of Tesla and SpaceX, Elon Musk, has been appointed head of DOGE (the newly-formed Department of Government Efficiency). His mission is to cut costs wherever possible.
On paper, his goal is to eliminate what he views as wasteful spending of taxpayers’ money, and to achieve this, he has started working on dramatically reducing the federal workforce.
It’s clear that Tesla’s decline has taken a toll on Elon Musk. In a recent interview with Larry Kudlow on Fox Business, the Tesla CEO seemed visibly stressed and emotional when discussing the challenges his companies are facing.
Musk opened up about the difficulty of managing multiple businesses, admitting it was becoming increasingly tough, especially as Tesla’s stock hit its biggest drop in over three years.
On top of this, Tesla is facing a global slowdown in electric vehicle sales, only adding to Musk’s growing list of problems.
Despite the challenges Musk has been facing, his friend Donald Trump has shown no decrease in his confidence in him. On the contrary, Trump has continued to offer his full support and has made several high-profile statements in recent days to defend Musk.
Donald Trump turned the White House into a Tesla Showroom
March 10 was so bad for Musk that President Donald Trump took to Truth Social to ask his followers to support Tesla.
“To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB!” Trump wrote. “But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for. They tried to to it to me at the 2024 Presidential Ballot Box, but how did that work out? In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???,” Trump wrote.
Despite earlier slamming electric cars and saying they are only “good if you have a towing company,” Donald Trump turned the White House into a Tesla Showroom in a show of support for Elon Musk’s EV giant.
On March 11, a range of Tesla models were put on display as Trump publicly praised Musk and vowed to support the billionaire’s business.
“I’m going to buy a brand-new Tesla,” at “full price,” Trump told reporters, adding that “everything’s computer.”
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