X went down, a SpaceX rocket exploded, Tesla stock plummeted. Musk’s companies have had it rough
CNN
Elon Musk spent the weekend with President Donald Trump at Mar-a-Lago, getting a round-trip ride on Air Force One. While Musk has spent an increasing amount of time with Trump, three of his companies are having a rough go.
Elon Musk spent the weekend with President Donald Trump at Mar-a-Lago, getting a round-trip ride on Air Force One. While Musk has spent an increasing amount of time with Trump, three of his companies are having a rough go. His X social media platform was down for much of the day Monday; Tesla shares plunged 15% and erased the last of their post-Election Day gains; and SpaceX continued to struggle with the aftermath of yet another rocket explosion. That’s taking a toll on Musk’s fortune: He lost $29 billion in net worth on Monday alone, according to the Bloomberg Billionaires Index. Musk has ramped up his visibility in politics and government, leading the new Department of Government Efficiency in what fans call efforts to curtail government fraud and critics call an unelected takeover and slash-and-burn. Meanwhile, his companies have struggled. In an interview with Fox News Monday, Musk acknowledged that he runs his companies “with great difficulty” while also working for the Trump administration. For a proponent of “hardcore” work up to 16 hours a day, the slump in his business interests points to a fundamental truth: No matter how in political favor their leadership, companies still need to be run – and preferably run well.
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