Elon Musk: Balancing DOGE with Tesla and Multiple Tech Roles

Elon Musk is a prominent figure in the tech world, serving as the CEO of Tesla and leading multiple other companies, including SpaceX, X (formerly Twitter), Neuralink, and The Boring Company. Recently, he expressed the challenges he faces managing these varied roles, especially while overseeing Dogecoin, which he humorously refers to as the Department of Government Efficiency (DOGE).

Musk's Role in Government Efficiency

During an interview with Fox Business Network, Musk addressed his efforts to minimize waste and fraud within the government. He mentioned that DOGE now has a presence in nearly every federal agency and that his staff has grown from its initial size to over 100 employees, with plans to double that number.

When asked by host Larry Kudlow how he balances his numerous responsibilities, Musk candidly admitted, "with great difficulty." His commitment to improving government efficiency doesn't detract from his ambitions in the tech sector.

Performance of His Companies

Musk’s portfolio of companies is diverse, but some face unique challenges. For instance, his social media platform, X, recently suffered from several outages, which Musk attributed to a significant cyberattack. In addition, his association with Donald Trump has prompted a negative reaction in the stock market, contributing to a downturn in Tesla's shares.

On a particularly rough day for Tesla, the stock price dropped 15%, reaching around $222 per share. This decline is part of a broader trend that has seen Tesla’s stock decrease over 44% since the beginning of the year, completely erasing gains made after the last election.

Impact on Musk's Wealth

This stock sell-off has affected Musk’s personal wealth profoundly. As reported on the Bloomberg Billionaires List, his net worth has decreased from a peak of $486 billion to approximately $330 billion, making him still the wealthiest individual, albeit with a significant loss of $156 billion. Musk remains ahead of Jeff Bezos, whose net worth is estimated at about $220 billion.

Despite the hurdles he faces, Musk's efforts in both the tech industry and government continue to garner attention. As he juggles these responsibilities, the outcomes of his work in DOGE and the performance of his companies will be closely watched by investors and the public alike.

Musk, Tesla, DOGE