Elon Musk, the CEO of SpaceX, Tesla, xAI, X, and The Boring Company, has asserted that his various businesses are “suffering” as a consequence of his involvement with the Trump administration.
Musk’s claim comes amid increasing scrutiny of his relationship with the White House and the potential conflicts of interest arising from his role as both a prominent business leader and a special government employee.
In an interview with Fox News’ ‘Special Report’, Musk addressed concerns about potential conflicts of interest, stating that it has been “disadvantageous for me to be in the government, not advantageous.”
He added that his “companies are suffering because I’m in the government.”
Following President Donald Trump’s electoral victory, Musk was designated a special government employee.
While not officially the head of the White House’s DOGE office, which is leading the administration’s efforts to downsize the government, Musk has been frequently referenced as a de facto leader in this area.
Tesla’s troubles: a symbol of the strain?
Musk pointed to the recent challenges faced by Tesla as evidence of the strain caused by his government work.
The company has experienced a stock dip amid disappointing global sales figures and investor concern that the CEO is spending too much time away from his company.
In addition to those troubles, Tesla also has faced a series of protests, vandalism incidents, and attacks against its showrooms and vehicles.
Wall Street is starting to show concern about the brand as a whole. It’s unclear what the impact has been on his other companies.
Musk has previously acknowledged overseeing his companies with “great difficulty” and, during an all-hands Tesla meeting on March 20, urged stakeholders to “hang on to your stock.”
A complex relationship: government contracts and subsidies
Musk’s business empire has received significant support from government contracts and subsidies, raising questions about potential conflicts of interest.
The White House’s DOGE office, for example, has taken steps to either weaken or eliminate government agencies that were previously investigating Musk’s companies.
In a demonstration of support, Trump recently stood in front of several Tesla models on the White House’s South Lawn during a media event, praising the electric vehicles he once hesitated to endorse.
Tariffs and trade: navigating an uncertain landscape
The Trump administration’s reliance on tariffs as a tool to influence global trade and encourage domestic production has created an uncertain economic landscape.
Wall Street estimates that Trump’s recent 25% tariffs against all auto and auto part imports could cost the industry as much as $82 billion.
Musk acknowledged that his company would not be “unscathed” by the tariffs, stating in an X post that Tesla could potentially benefit from the tariffs as all of its cars are assembled in the US.
A Tesla spokesperson did not respond to a request for comment made by Business Insider.
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