Billionaire Elon Musk admits he is running his businesses ‘with a lot of difficulty’ while also holding a role at the Department of Government Efficiency (DOGE).

Mr. Musk has difficulty running the business

According to Reuters, in an interview on Fox Business on March 10, journalist Larry Kudlow asked billionaire Elon Musk about the pressure of running multiple businesses at the same time as working at the Department of Government Efficiency (DOGE).

“I mean, how are you running other companies?” Mr. Kudlow asked. “With a lot of difficulty,” Mr. Musk replied with a sigh.

The billionaire’s statement came after $130 billion of Tesla ‘s market value “evaporated” in a major sell-off on Wall Street, causing the electric car company’s shares to fall to their lowest level since October 2024.

Tesla shares fell 15% to $222.15, dragging the Nasdaq down, which plunged 4% on concerns about tariffs imposed by the Trump administration on major U.S. trading partners.

The drop was larger than the combined market value of Ford Motor and General Motors.

Tesla investors are concerned that Mr. Musk’s leadership of DOGE has distracted him from running his businesses, which include Tesla, SpaceX, X and xAI.

“The public seems to be focused on what he’s doing for the federal government. So if you’re a shareholder, you can’t help but wonder if that’s distracting him from his mission at the public company he’s running,” said Art Hogan, chief strategist at B. Riley Wealth.

“Pay the price” with Tesla sales?

Mr Musk’s recent role in cutting federal jobs at Mr Trump’s request has led to “Tesla Takedown” protests in the US against the car company.

Tesla sales in Europe have also plummeted. On March 9, dozens of protesters gathered at a Tesla showroom in Lisbon to protest against Mr. Musk, some holding signs reading “Boycott Tesla.”

Tesla sales in Europe fell 45% in January compared to the same month a year earlier, while overall EV sales jumped more than 37%, according to the European Automobile Manufacturers Association. The world’s richest man’s support for far-right parties in Europe appears to have hurt the electric carmaker.

It is still unclear exactly how much Musk’s political activities have affected Tesla’s car sales.

Analysts also point to other factors affecting the global electric vehicle market, including growing competition from Chinese brands and traditional automakers like GM.