Tesla's market value has been "cut in half" and Musk is expected to lead DOGE for another year
On March 11, Elon Musk said Monday that he is facing "great difficulty" in balancing the U.S. Department of Government Efficiency (DOGE) with other businesses. Tesla suffered its biggest one-day decline in five years while its social media platform "X" experienced several cyber attacks. Musk said in an interview that he expects to stay in the Trump administration for another year. Tesla's stock price has been falling every week since Musk joined the Trump administration as a "secretary" of the DOGE. DOGE is in the midst of a broad and controversial move to reduce federal government spending and headcount. Tesla's market value has now "halved" from its peak, equivalent to a loss of nearly $800 billion. According to Forbes data, Musk's net worth fell by $22.80 billion on Monday, but he is still more than $100 billion ahead of Bezos, who ranks second on the rich list. Musk also said that the DOGE team currently has more than 100 people and may increase to 200 people.