Elon Musk acknowledged that his role in advising President Donald Trump on efforts to streamline the government was taking a toll on his primary responsibilities as Tesla Inc.’s CEO, stating that it was “costing me a lot.”
Musk’s recent political involvement in the U.S. and abroad has put pressure on Tesla both domestically and internationally.
“It’s costing me a lot to be in this job,” he said at a Wisconsin town hall, noting that some political opponents have linked the company’s stock decline to his actions.
“What they’re trying to do is put massive pressure on me, and Tesla I guess, to you know, I don’t know, stop doing this,” Musk said. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
Tesla shares hit a record high in the month following Trump’s election but have fallen 45% since their Dec. 17 peak.
Despite remaining the world’s richest person, Musk’s personal wealth has dropped by over $100 billion this year, according to the Bloomberg Billionaires Index.
“Long term I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity,” Musk said.
Musk spoke in Wisconsin ahead of the April 1 state supreme court election.
Though officially nonpartisan, the race has drawn partisan support, with Republicans, including Trump, backing Brad Schimel, while Democrats endorse Dane County Judge Susan Crawford.