Last Updated on 1 month by Ashley Michael
Elon Musk spent the weekend alongside President Donald Trump at Mar-a-Lago, even securing a round-trip flight on Air Force One. While Musk’s political presence has been growing, his business ventures are facing mounting challenges.
His social media platform, X, suffered a major outage on Monday, Tesla’s stock plummeted by 15%, wiping out all post-Election Day gains, and SpaceX is still dealing with the fallout from yet another rocket failure.
These setbacks have hit Musk’s personal wealth hard—he reportedly lost $29 billion in a single day, according to the Bloomberg Billionaires Index.
Amid these struggles, Musk has taken on a prominent role in politics, heading the newly formed Department of Government Efficiency. Supporters view his efforts as a push to eliminate government waste, while critics argue it’s an undemocratic power grab that prioritizes drastic budget cuts over public welfare.
Speaking to Fox News on Monday, Musk admitted that balancing his business empire with his role in the Trump administration has been “extremely challenging.”
For someone who has long championed the idea of working up to 16 hours a day, the difficulties facing his companies highlight a simple reality no matter how politically connected a leader may be, businesses still require strong management to thrive.
Tesla Faces Sharp Decline and President Donald Trump Backs Musk:
The stock market took a hit on Monday, but Tesla’s losses were particularly severe. Shares of the electric vehicle giant plunged 15%, erasing all the gains made since Election Day.
In a public show of support, President Donald Trump announced early Tuesday that he would purchase a Tesla.
“Elon Musk is putting everything on the line for our country, and he’s doing an incredible job!” Donald Trump posted on Truth Social. “I’ll be buying a brand-new Tesla tomorrow to show my confidence in him a truly great American.. Musk responded with gratitude, thanking Trump in a post on X.
Tesla’s sales are slipping, particularly in Europe, where analysts point to a mix of rising competition and backlash against Musk’s political activism. The company has also become a target for protests and attacks. Earlier this month, a Tesla charging station in Boston was set on fire, while gunfire struck a dealership in Oregon. Some Tesla owners have even reported their vehicles being vandalized.
Musk has responded by amplifying supportive messages on X while blaming left-wing activists, including billionaire donor George Soros, for orchestrating the backlash.
Musk’s social media platform, X, faced significant technical disruptions on Monday, with thousands of users reporting outages. According to monitoring site DownDetector, the issues persisted for several hours.
SpaceX Faces Setbacks After Rocket Explosions
Musk’s SpaceX, company, has also encountered difficulties. Its ambitious Starship rocket has suffered two major failures, with both test launches ending in explosions—the most recent occurring last Thursday. The blast sent debris flying for miles and even caused temporary flight disruptions. The first explosion in January scattered wreckage across the Turks and Caicos Islands.
Musk, however, downplayed the incidents, sharing an old image of himself examining debris from previous failed launches. Meanwhile, the Federal Aviation Administration (FAA) is conducting an investigation into the cause of the failures. according to cnn