Elon Musk, the billionaire CEO of Tesla and SpaceX, is no stranger to stirring up controversy, but his recent involvement with the Department of Government Efficiency (DOGE) and political activism has brought him even more scrutiny.
In a town hall event on March 30, 2025, in Green Bay, Wisconsin, Musk addressed a range of topics, from his controversial role in politics and government reform to the recent decline of Tesla’s stock price.
Elon Musk Acknowledges the Impact of His Political Involvement on Tesla
Musk’s participation in DOGE—his initiative to cut federal government spending and reduce bureaucracy—has garnered substantial backlash. During the town hall, Musk candidly admitted that his political involvement is hurting Tesla’s stock price.
“It’s costing me a lot to be in this job,” Musk stated, acknowledging that his efforts to push for government job cuts have contributed to a significant drop in Tesla’s stock value, which has fallen nearly 50% since December 2024.
Tesla’s stock is down more than 34% year-to-date, and it continued its decline during the session, dropping an additional 1.7%. Musk was upfront about the financial toll, noting that both he and Tesla shareholders are feeling the effects of the pushback.
Shares of Tesla have tumbled from a high of nearly $480 in December to about $263 by the end of March 2025, and Musk’s net worth has shrunk by approximately $103 billion since the start of the year.
The DOGE Initiative and Musk's Vision for Government Reform
Musk’s involvement with DOGE, which advocates for widespread government cuts, has raised eyebrows across the nation. DOGE’s goal is to reduce inefficiency in government agencies by cutting back on the number of employees and bureaucratic overhead.
At the town hall, Musk suggested that government spending is too high and that too many positions within federal agencies are unnecessary.
One key critique Musk made was about the Federal Reserve, calling its payrolls excessive. “I think there’s like 20,000 people working at the Fed? It seems pretty high,” he remarked.
Musk humorously compared the Fed’s decisions to those of a Magic 8 Ball, suggesting that a toy might make better decisions on interest rates than the current system.
This comment sparked amusement from the crowd but also reinforced Musk’s broader point: the government is too bloated, and its inefficiencies are harming the nation’s economy.
Elon Musk also took aim at the U.S. education system, arguing that there are too many administrators and not enough teachers.
According to federal data, the U.S. has 302,000 administrators in primary and secondary education, compared to 3.8 million teachers. Musk’s perspective on these inefficiencies aligns with his desire to streamline government functions across the board.
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The Million-Dollar Giveaway Controversy
Musk’s town hall wasn’t just about politics and government reform. He kicked off the event by handing out two giant $1 million checks to two attendees in a high-profile move.
The giveaway was part of his campaign to support Brad Schimel, a conservative judge running for Wisconsin’s Supreme Court. Elon Musk had initially offered $100 to each Wisconsin voter who signed a petition opposing “activist judges,” and they were entered into a lottery to win one of the million-dollar prizes.
However, legal concerns emerged that this giveaway could violate Wisconsin state law, prompting Musk to clarify that the payments were, in fact, compensation for the recipients’ roles as spokespeople at the event.
While the giveaway garnered attention and sparked controversy, it was also a clear demonstration of Musk’s growing influence in political circles. He has previously backed Schimel’s candidacy and spent millions on the race, alongside endorsing other conservative candidates and causes.
Musk's Ideal Government
In a bold statement, Musk shared his vision of a smaller, more efficient government. Drawing inspiration from America’s founding days, Musk suggested that the government should resemble George Washington’s Cabinet in 1776, which consisted of only five key roles: the president, attorney general, secretary of state, secretary of defense, and secretary of the treasury.
“If it were entirely up to me, I’d be like: ‘Let’s make it like that again,'” Musk declared to applause from the crowd. This statement resonated with some of his supporters, who are critical of the current government’s complexity and size.
However, such a drastic reduction in government might also raise concerns about the loss of essential services and the impacts on the broader American public.
The State of Tesla and Elon Musk's Financial Sacrifices
While his town hall was largely focused on DOGE, Musk did not shy away from addressing the struggles his businesses are facing. Tesla, the electric car company that made him a household name, has seen its stock decline significantly.
Musk acknowledged the impact of his political activities on his businesses, stating that the backlash from his political stances has contributed to Tesla’s struggles. The company’s vehicle deliveries declined in 2024, and sales have been sluggish in early 2025, particularly in Europe.
The broader U.S. auto industry has also been affected by rising tariff threats, which have added further uncertainty to supply chains.
Musk also addressed the protests and vandalism against Tesla dealerships that have occurred in response to his political actions.
While he didn’t offer a concrete plan for addressing these issues, he expressed frustration over the impact his political involvement has had on Tesla’s reputation and stock price. Despite these challenges, Musk remains optimistic about Tesla’s long-term prospects, suggesting that the stock’s current decline could represent a “buying opportunity” for investors.
DOGE and the Future of Taxpayer Relief
Another key topic of discussion was whether DOGE’s cost-cutting measures could eventually lead to financial relief for American taxpayers.
When asked if taxpayers could receive checks if DOGE successfully reduced federal spending, Musk deferred the decision to Congress or President Donald Trump.
He stated that while DOGE’s work could reduce inflation and improve the economy, returning savings directly to taxpayers would require action from higher offices.
Musk remains committed to the idea that DOGE can bring long-term benefits to American taxpayers, but he emphasized that there is still much work to be done before any savings could be passed on.