From a Symbol of ‘Technological Innovation’ to ‘Uncontrollable’: Tesla’s Market Value Plummets by 190 Trillion Won in a Day
X Access Outage Blamed on ‘Ukrainian Attack’
Trump Defends, Saying “I’ll Buy Tesla Tomorrow”
Conflicts with Aides Like Rubio and Hegseth, “Uncontrollable,” “One-way,” “Inhumane”…
Elon Musk, CEO of Tesla and head of the Department of Government Efficiency (DOGE), who was once a ‘closest aide’ to U.S. President Donald Trump, is now facing a crisis with no way out. Throughout the second Trump administration, there have been criticisms that he overstepped his bounds despite not being an elected official, with various ‘adverse events’ occurring such as the decline of Tesla’s stock price, accessibility issues with social media ‘X’, conflicts with the President’s key aides, and arson attacks on Tesla stores.
Known for his strong personality and eccentric remarks, Musk was once considered an ‘icon of innovation’ before his involvement in politics made him a polarizing figure. As he gained unprecedented political power, British media like The Guardian suggested that this is negatively impacting his business. Musk’s U.S. federal government restructuring efforts, once anticipated, are currently causing more conflicts without any results.
On the 10th, Musk stated in a Fox News interview that “business is very difficult” but that he would remain as the head of DOGE for another year in the second Trump administration. On the same day, President Trump supported him on Truth Social, saying, “Radical left lunatics are attacking Musk and Tesla. I plan to purchase a new Tesla tomorrow as a sign of trust and support.”
● From X Malfunctions to Tesla’s Rapid Decline
On the 10th, connectivity issues with X were reported across major countries like the U.S., U.K., Japan, France, India, Australia, and Argentina. In the U.S., around 20,000 reports were registered between 5-6 a.m., and in Japan, up to 70,000 cases were reported within the same timeframe.
Musk pointed to a ‘cyber attack by Ukraine’ as the cause of the disruption via X, but he did not provide concrete evidence. The New York Post reported on the 11th that the likelihood of Ukrainian hackers leading widespread attacks on X was very low, especially with high-level negotiations for a potential end to the Ukraine war scheduled between the U.S. and Ukraine in Saudi Arabia.
On the same day, Tesla’s stock price on the Nasdaq market sharply dropped by 15.4% from the previous day to close at $222.15. This resulted in a market capitalization loss of $130.3 billion (approximately 190.2 trillion won) in just one day. The stock price nearly halved from $424.07 on January 21, the day after Trump’s return to power.
Violence against Tesla vehicles and stores is also ongoing. Recently, Tesla cars have been set on fire, and stores have been shot at in Seattle, Washington, Portland, Oregon, and beyond. On the 1st, anti-Musk protests were held in front of several Tesla stores, including one in New York.
Some Tesla owners have even placed stickers on their vehicles saying, “I bought this before Elon went crazy,” indicating that what was once known as a ‘symbol of technological innovation’ has fallen to the status of ‘an embarrassing car to drive.’
● Conflicts with Rubio and Hegseth
Recently, Musk has repeatedly clashed with key cabinet members of the second Trump administration and Republican senators.
According to The New York Times and others, Musk and Secretary of State Marco Rubio had a public verbal confrontation in front of President Trump on the 6th. During a cabinet meeting, Musk reportedly told Secretary Rubio that “the State Department’s restructuring progress is insufficient,” to which the furious Rubio responded by encouraging voluntary resignation among civil servants and calling Musk a “liar.”
Secretary Rubio is also reportedly against Musk’s plan to dismantle the United States Agency for International Development (USAID), which has been responsible for U.S. foreign aid. Political media outlet Politico reported that Defense Secretary Pete Hegseth expressed dissatisfaction to President Trump, describing Musk as “inhumane and uncontrollable” in response to his demands for military reform.
Prominent pro-Trump figure Senator Lindsey Graham also expressed concern during a meeting with Musk on the 5th, suggesting that mass layoffs of federal employees were “excessive.” Several senators, including Graham, reportedly urged Musk to “stop bypassing Congress, which is harder to meet than the President.”
The Republican Party is also strongly opposed to Musk’s plan to fire more than 80,000 Veterans Affairs (VA) employees, including veterans, for disregarding the feelings of conservative voters who value the respect of veterans.