Trump Responds to Elon Musk’s $29 Billion Loss in One Day
Elon Musk has recently experienced a significant financial setback, with Tesla’s stock plummeting over 50% since December, resulting in a loss of around $9 billion to his net worth. Last week, Tesla’s stock took a 6% dive, further erasing $8.8 billion from Musk’s fortune, which dropped from $464 billion to $342.8 billion. This downturn is attributed to various factors, including Wall Street’s volatility, difficulties within the electric vehicle market, and challenges Musk is facing in his role within the Department of Government Efficiency, a position he took under Donald Trump to oversee federal spending cuts.
Musk himself acknowledged in an interview that managing multiple high-profile businesses has become increasingly difficult, particularly with Tesla’s global slowdown. Despite these challenges, former President Donald Trump has publicly shown his support for Musk. On March 10, Trump took to Truth Social to defend Musk, criticizing what he described as “Radical Left Lunatics” who were trying to harm Tesla’s reputation and business. Trump vowed to buy a new Tesla vehicle as a gesture of solidarity, despite his previous criticisms of electric vehicles in general.
Trump’s support for Musk has been unwavering, even taking things further by turning the White House into what he referred to as a Tesla showroom on March 11. Trump praised Musk’s contributions to the United States, emphasizing the value he believes Musk brings to the country, despite the difficulties he is currently facing. Through this public display of support, Trump has continued to back Musk during his financial struggles, reiterating his loyalty to the business mogul.
