🔒 Musk’s political moves shake Tesla as stock drops 45%

Key topics:

• Musk: Trump government job costs me, Tesla stock down 45%
• Musk spends $14M on Wisconsin court race for Schimel
• Tesla faces dealership law issue in Wisconsin court

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By Derek Wallbank ___STEADY_PAYWALL___

Elon Musk acknowledged that his job as head of President Donald Trump’s effort to cut the size of government is “costing me a lot” when it comes to his other big job, as CEO of Tesla Inc.

Political backlash from Musk’s recent political forays in the US and around the world have weighed on Tesla at home and abroad. “It’s costing me a lot to be in this job,” Musk said at a town hall event in Wisconsin, noting some of his political opponents have highlighted the stock’s retreat. 

Read More: Tesla Extends Dismal Run in Europe With 40% Drop in February 

“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 rose to a record high in the month after Trump was elected, but have dropped 45% since their Dec. 17 peak. While he remains the world’s richest man, Musk’s own personal wealth has declined by more than $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 a state supreme court election April 1. Though the election is officially nonpartisan, Republicans including Trump have backed Brad Schimel, against Dane County Judge Susan Crawford, who has been endorsed by Democrats. Musk has thrown more than $14 million into the contest, on Schimel’s behalf, according to the Milwaukee Journal Sentinel newspaper. 

On stage, Musk handed out checks for $1 million to two local voters, and outlined how volunteers could get paid by a group he funds to canvass for Schimel in the race’s closing days.

The race will likely determine the ideological balance of the swing state’s highest court, where the liberal-leaning bloc currently holds a 4-3 edge. Wisconsin Senator Ron Johnson, a Republican, said over the weekend that if Schimel wins, Musk will be to thank for it. 

The contest could tip the balance on issues from abortion to redistricting. Musk warned repeatedly that a future adverse redistricting ruling in Wisconsin, where the GOP holds six of the state’s eight congressional districts, could threaten Republican control of the US House.

Among the other cases the court may eventually consider is one involving Tesla, which is seeking to open additional dealerships in the state yet has so far been unable to secure an exemption from the state’s law that largely prohibits auto manufacturers from directly selling to the public.

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