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 on Monday that he faced “great difficulties” in balancing the U.S. government’s Department of Efficiency (DOGE) with other businesses. Tesla suffered its biggest one-day drop in five years, while its social media platform “X” experienced several cyberattacks. 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 DOGE “minister.” DOGE is undertaking a wide-ranging and controversial campaign to reduce federal government spending and headcount. Tesla’s market value has now been “halved” from its peak, equivalent to a loss of nearly $800 billion. Forbes data shows that Musk’s net worth shrank by $22.8 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, which could be increased to 200 people.