Musk Says His Role at DOGE Is Hurting Tesla Stock

‘This is a very expensive job,’ Musk said.

Billionaire businessman Elon Musk speaks during a town hall meeting at the KI Convention Center in Green Bay, Wis., on March 30, 2025. Scott Olson/Getty Images

White House special adviser Elon Musk said that his Department of Government Efficiency (DOGE) is hurting the stock price of his electric vehicle company, Tesla, amid protests and vandalism.

His role in the White House and DOGE, which President Donald Trump created via executive order in January, has drawn significant protests across the country at Tesla dealerships and charging locations. Some people have also vandalized or attempted to destroy Tesla vehicles or company property, resulting in federal charges against three individuals this month.

Musk, whose worth is estimated by Forbes to be about $330 billion, has a large portion of his wealth tied up in Tesla stock. He noted recent declines in the company’s stock during a Sunday town hall event in Green Bay, Wisconsin, where he gave away two $1 million dollar checks to two people who had signed a petition.

“What [protesters and vandals are] trying to do is put massive pressure on me, and Tesla, I guess, to you know ...  stop doing this,” Musk said at the event. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean, it’s a big deal.”

He added that “long term, I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity.”

In reference to his role in the Trump administration, Musk said, “This is a very expensive job, is what I’m saying.”

Tesla shares have dropped 31 percent since the start of 2025, while the company’s stock has been cut nearly in half since its recent high in December 2024. Over the past 12 months, however, the company stock has seen a 48 percent increase overall.

Over the weekend, protesters demonstrated outside Tesla dealerships throughout the United States and in some European cities to oppose Musk and DOGE, which has recommended that federal agencies slash government spending by eliminating waste, fraud, and abuse and lay off nonessential workers.

On Sunday, a fire at a Tesla dealership in Rome, Michigan, destroyed at least 17 vehicles. In a post on social media platform X on Monday, Musk called it a “terrorist attack.”

Several Swedish media outlets reported that two Tesla stores and several cars were also vandalized on Monday in Sweden’s capital, Stockholm, and the coastal city, Malmo.

Public broadcaster SVT reported that orange paint was sprayed on a Tesla store in Malmo. Police detained four people and were investigating the motive behind their actions. “A patrol was alerted to a store on Boplatsgatan due to someone painting a building and cars with orange paint,” the Malmo police said in an online statement, referring to a street near the city center.

Earlier this month, the Department of Justice announced that three people were arrested for attempts to firebomb Tesla properties and cars in recent weeks. The FBI later issued a statement saying that Americans should be aware and vigilant of possible arson acts or vandalism around Tesla properties and made reference to recent heated political rhetoric.

Several judges have recently issued orders blocking DOGE officials from accessing data from several federal agencies, including Social Security databases that may contain personally identifiable information, citing a possible risk to Americans’ privacy. An appeals court, meanwhile, last week allowed DOGE to continue its work in downsizing the U.S. Agency for International Development (USAID), placing on hold a lower court judge’s order.

Musk appeared in Wisconsin ahead of a state Supreme Court seat election slated for Tuesday.

Reuters contributed to this report.