Tesla stock selloff highlights growing challenges for Elon Musk

Caroline Woods brings you the biggest news of the day, including the mounting challenges for Elon Musk.

Transcript

00:00In the same interview where he revealed he'll be working with the Trump administration for another year,

00:05Elon Musk said he's running his businesses with great difficulty.

00:09Musk made those comments to Fox Business on the same day X suffered a massive outage,

00:14leading to widespread user disruption.

00:17He blamed the interruption on a cyberattack, however he didn't provide any evidence for the claim.

00:22But Musk's bigger problem at the moment may be Tesla,

00:25since hitting a high of nearly $480 a share in December of 2024,

00:30the Musk-led EV maker has lost more than 50% of its market cap, a staggering $800 billion.

00:37Amid the broader market selloff, Monday, March 10 marked one of the single worst

00:41trading days in the company's history, with shares dropping by more than 15%.

00:46However, Musk doesn't seem all too worried,

00:49replying to a post on X by saying simply, it'll be fine long term.

00:54Elon Musk is currently the head of the Department of Government Efficiency, or DOGE,

00:58and claims the agency will save the U.S. government $1 trillion by the end of his tenure.

01:03That'll do it for your daily briefing.

01:04From the New York Stock Exchange, I'm Caroline Woods with The Street.