TechFlow news — On March 11, according to Wall Street Insights, Tesla CEO Elon Musk said in a post-market interview on Monday that he is running his companies with "tremendous difficulty" while fulfilling his duties as head of the Department of Government Efficiency (DOGE) in the Trump administration.
Musk revealed in the interview that the DOGE team already has over 100 members and could expand to 200. The team is currently saving more than $4 billion per day, with an expected total savings of $1 trillion. He stated that DOGE has nearly penetrated all departments of the U.S. government, is actively recruiting talent from finance and technology sectors, and plans to continue serving in the Trump administration for another year.
On the same day, Tesla's stock plunged more than 16% during trading and closed down over 15%, marking its worst intraday performance since September 2020. By the close, Tesla had fallen more than 54% from its all-time high reached in December 2023, wiping out approximately $800 billion in market value. Analysts believe uncertainty surrounding the Trump administration’s tariff policies and damage to Musk’s political image are the main reasons behind the stock decline. Since Musk took office in the Trump administration, Tesla’s shares have declined for seven consecutive weeks—the longest losing streak since the company went public in 2010.
