Elon Musk has lost close to $30 billion in net worth in just one day, following a massive drop in Tesla’s stock price. The electric vehicle giant has been struggling, and investors are growing increasingly worried about Musk’s absence as he focuses on other projects.
Tesla Stock Takes a Big Hit
On Monday, Tesla’s stock price fell by 15%, marking its worst single-day loss since September 2020. Since hitting an all-time high in December, Tesla shares have plummeted by 55%, with a 40% drop since the beginning of this year. This decline has wiped out billions from Musk’s fortune, which is heavily tied to Tesla’s stock performance.
The entire tech sector has been facing difficulties, but Tesla’s troubles seem to be more serious. Investors believe that one of the main reasons for this downward spiral is Musk’s reduced involvement in the company.
Investors Want Musk Back at Tesla
Elon Musk, who is known for his hands-on approach to leadership, has been spending more time on a government restructuring project in Washington, D.C. While he has been focusing on cutting costs and making changes in the capital, Tesla has been struggling.
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Many investors are now urging Musk to return to Tesla and give it his full attention. In the past, Musk has been deeply involved in the company, even sleeping on factory floors to push through difficult periods. However, reports now suggest that he is spending most of his time at his DOGE government office near the White House.
Online Polls Show Mixed Opinions
An online poll asked, “Is Musk’s work in Washington hurting Tesla?” Around 60% of respondents said yes, believing that Tesla needs Musk’s leadership to recover. However, 25% blamed the media for exaggerating the situation, while 15% thought the stock drop was due to other market factors.
Tesla Faces Other Challenges
Aside from concerns over Musk’s absence, Tesla is also dealing with falling sales in key markets like China and Europe. The company has also been facing increasing competition from other EV manufacturers, making it harder to maintain its previous growth.
With Musk managing multiple ventures, including SpaceX, X (formerly Twitter), xAI, and Neuralink, it remains to be seen whether he will return to Tesla full-time to turn things around. Investors are keeping a close watch, hoping for a strategy that can bring Tesla back on track.
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