Tesla Shareholders Support Elon Musk Despite DOGE Role Amid Declining EV Sales

Tesla shareholders remain confident in Elon Musk multitasking abilities as he takes on a new role at the Department of Government Efficiency (D.O.G.E.) under the Trump administration. Despite concerns over declining EV sales and his growing commitments, investors anticipate regulatory benefits for Tesla from his affiliation with Trump.

Tesla shareholders have voiced their confidence in Elon Musk’s ability to manage multiple roles, including his new position at the Department of Government Efficiency (D.O.G.E.), where he co-leads with Vivek Ramaswamy. This role, aimed at reducing federal waste and streamlining government agencies, has sparked debates about Musk’s bandwidth and its potential impact on Tesla.

Musk’s Influence at DOGE

Since taking up his role at D.O.G.E., Musk has been tasked with reshaping federal operations, cutting waste, and improving efficiency. Shareholders believe these efforts will positively impact Tesla, particularly in reducing regulatory hurdles for autonomous vehicle technology.

Anthony Gurino, a Tesla investor from Long Island, highlighted the benefits of a national approval process for self-driving cars, an initiative Musk is reportedly advocating. “Musk’s presence in the Trump administration could create a more favorable regulatory environment for Tesla,” Gurino said.

Tesla’s Sales Decline in 2024

Tesla ended 2024 on a challenging note, reporting its first car sales decline due to intensified competition in the EV market and slower growth. The company also faced political hurdles under the Biden administration, such as being excluded from key EV discussions. Despite these setbacks, Tesla outsold Audi globally for the first time.

Wall Street remains optimistic, with Tesla shares surging 70% post-election. Analysts like Morgan Stanley’s Adam Jonas have raised the stock’s target price to $430, reflecting confidence in the company’s future under a Trump administration.

Shareholder Opinions on Musk’s Multitasking

While many shareholders are reassured by Musk’s multitasking capabilities, some remain skeptical. John VonBokel, a shareholder critical of Musk’s dual commitments, questioned whether the CEO’s affiliation with Trump would deliver tangible benefits for Tesla.

Others, like Charlie Redmond, expressed doubt over the longevity of Musk’s relationship with Trump, suggesting potential stock volatility if the partnership deteriorates. “The only immediate benefit might be Musk convincing Trump to retain the EV tax break,” Redmond said.

Looking Ahead: Opportunities and Challenges

Musk’s involvement in government, coupled with his leadership at Tesla and other ventures like SpaceX and Neuralink, underscores his ambitious approach. While Tesla shareholders largely back him, they acknowledge the risks associated with spreading his focus too thin.

The coming months will determine whether Tesla can capitalize on regulatory shifts under Trump’s administration and if Musk can balance his growing portfolio of responsibilities without compromising Tesla’s growth trajectory.

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