NEW DELHI: Tesla shares plunged 15% on Monday, marking its worst day in over four years. The company’s stock has dropped 45% this year, wiping out all gains since Donald Trump’s re-election in November.
Musk’s net worth fell by $29 billion on Monday alone, according to the Bloomberg Billionaires Index.
Elon Musk is facing tough times as Tesla struggles with falling demand and political issues. Despite Tesla’s decline, Musk assured investors that the company’s future remains strong. “It will be fine long-term,” Musk wrote on X.
Concerns about Tesla’s performance continue to grow. In Germany, Tesla registrations fell 70% in the first two months of 2025. Experts say this is partly due to backlash over Musk’s involvement in Germany’s elections.
In China, Tesla is struggling to compete with local EV giant BYD. Tesla’s Shanghai factory reported a 49% drop in vehicle shipments in February. This was Tesla’s weakest month since July 2022.
Musk’s social media company X faced multiple outages on Monday. Musk blamed the problems on a “massive cyberattack” from Ukraine. He did not provide evidence for his claim.
Musk has increased his involvement in politics by leading the new Department of Government Efficiency. Supporters say Musk is working to reduce government fraud, while critics call it an unelected takeover.
Tesla has also faced public backlash. Protesters have targeted Tesla showrooms and vehicles. Earlier this month, a Tesla charging station in Boston was set on fire, and a Tesla dealership in Oregon was shot at. Individual Tesla owners have also reported their cars being targeted.
Meanwhile, President Trump voiced support for Musk. US President Donald Trump announced plans to buy a “brand new Tesla” to show his confidence. “Why should Elon be punished for his efforts to help make America great again?” Trump wrote on X.
Trump claimed radical leftists are working to “illegally and collusively boycott Tesla” to harm Musk and his efforts. “Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???” Trump added.
Musk has responded by sharing positive comments about Tesla and thanking supporters. He has blamed liberal activists, including donor George Soros, for the attacks.
