Elon Musk, the billionaire CEO of Tesla Inc. and SpaceX, admitted that his role in President Donald Trump’s initiative to downsize the federal government has come at a significant cost, both financially, personally, and professionally.
“It’s costing me a lot to be in this job,” Musk said at a town hall event in Wisconsin, referencing the mounting political backlash and its impact on Tesla’s stock.
“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.”
Since Musk took on this advisory role, Tesla’s stock has tumbled, dropping 45% from its December 17 peak. The company’s shares initially soared to record highs in the aftermath of Trump’s election, but investor sentiment has since soured, coinciding with Musk’s increasingly high-profile political activities.
According to the Bloomberg Billionaires Index, Musk’s personal wealth has declined by more than $100 billion this year, falling from approximately $430 billion to $330 billion.
Despite these losses, Musk remained optimistic about Tesla’s future. “Long term, I think Tesla stock’s going to do fine, so maybe it’s a buying opportunity,” he told the Wisconsin audience.
The CEO’s visit to Wisconsin comes ahead of a pivotal state supreme court election on April 1, a contest that could shape the ideological balance of the court in this key swing state. Although officially nonpartisan, the race has seen significant party-line support, with President Trump and other Republicans backing candidate Brad Schimel against Dane County Judge Susan Crawford, the Democratic-endorsed contender.
What we know
Musk has injected more than $14 million into Schimel’s campaign, according to the Milwaukee Journal Sentinel. On stage, he distributed $1 million checks to two local voters and provided details on how volunteers could be compensated for canvassing efforts in the final days before the election.
- The outcome of this election carries weight far beyond the state. With Wisconsin’s supreme court currently controlled by a narrow 4-3 liberal majority, a shift could influence rulings on critical issues ranging from abortion rights to redistricting. Musk has repeatedly warned that a ruling unfavorable to Republicans on redistricting could jeopardize GOP control of the U.S. House of Representatives.
- Wisconsin’s congressional map currently favors Republicans, who hold six of the state’s eight seats. If the court were to intervene and mandate a new map, the GOP could face a significant setback in the 2026 midterms.
Beyond politics, Musk’s legal and business interests in Wisconsin add another layer to the equation. Tesla has long sought to expand its footprint in the state but remains hampered by a law barring auto manufacturers from selling directly to consumers. While the company continues to push for an exemption, the issue may ultimately land before the very court Musk is now seeking to reshape.
