Elon Musk's call for the 'deletion' of entire US government agencies comes amid a $106 billion drop in his net worth due to a steep decline in Tesla's share price. Tesla stock has plummeted 30% from its December peak, causing division among Tesla shareholders. While some blame Musk's new role and polarizing reputation, others attribute the selloff to growing pains and competition in the electric vehicle market. Amidst the controversy, Tesla's CEO also faces scrutiny for his lack of oversight from the board and his focus on endeavors like Dogecoin.
Max Zahn, Olivia Rubin and Elizabeth Schulze Elon Musk has called to"delete entire agencies" from the United States' federal government.upending Washington
"I don't have a problem if Elon wants to save a bunch of money for America. I say, 'Where's the good part in this for Tesla?'" Ross Gerber, a prominent Tesla investor, told ABC News, referring to cost-cutting efforts undertaken by Musk'sTesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020.
Gary Black, managing partner of The Future Fund, which manages $100 million in assets, including Tesla shares, said the recent selloff of Tesla is primarily the result of investor jitters about whether the company can dominate self-driving technology the way it did electric vehicles. "I think that he is a huge drag on the stock right now," Minow told Schulze. "No question, he's a problem."
Technology ELON MUSK TESLA STOCK PRICE GOVERNMENT AGENCIES COMPETITION BOARD OVERSIGHT
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