As the Department of Government Efficiency (DOGE) looks for ways to slash federal spending, the head of DOGE has thousands of dollars due to his companies right now.
Ark Invest’s flagship product has lagged well behind the S&P 500 in recent years, and shares of the EV maker have plunged 28% this year.
EV maker Tesla is getting close to losing all of the stock gains it had made since Donald Trump's election victory in November.
It appears that Tesla sales are slumping in the U.S., too. According to the California New Car Dealers Association, Tesla registered fewer cars in the state in all four quarters of 2024. California is the largest EV market in the U.S. Tesla sales fell by 8 percent in the fourth quarter and 12 percent for the whole year.
Government contractors and other private sector businesses could see their bottom lines change as federal funding and regulation drops.
The entrepreneur also accused Musk's Tesla of shoddy design and minced no words in trouncing President Donald Trump.