Musk’s rough week - Tesla crashes, X goes down, and SpaceX explodes

Tesla’s troubles and Trump’s pledge

Tesla stock dropped 15% on Monday, wiping out all gains since Election Day. The market downturn hit several companies, but Tesla’s fall was particularly sharp, reflecting concerns over declining sales, especially in Europe. Analysts attribute the drop to increasing competition and Musk’s political controversies. In recent weeks, Tesla showrooms have been targeted by protesters, and some charging stations have been vandalized.

Amid this pressure, Trump took to Truth Social on Tuesday to back Musk.

“Elon Musk is putting it on the line in order to help our Nation, and he is doing a FANTASTIC JOB!” Trump wrote.

“I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American.” Musk responded with a thank-you message on X.

X outages and SpaceX setbacks

Monday also saw X suffer widespread outages, with tens of thousands of users reporting issues. Musk attributed the disruption to a “massive cyberattack” and suggested that a well-resourced group or even a foreign country could be behind it. Some cybersecurity experts, however, cautioned that it’s too early to determine the cause.

Meanwhile, SpaceX’s latest Starship launch ended in an explosion - the second major failure in recent months. The incident disrupted flights and left debris scattered over a wide area.

Musk remained optimistic, writing on X: “Today was a minor setback. The next ship will be ready in 4 to 6 weeks.” However, the Federal Aviation Administration has launched an investigation into the failures.

Despite Musk’s confidence, his business empire is under increasing pressure. His net worth dropped below $400 billion for the first time in 2025, according to Bloomberg.

Meanwhile, his political involvement has sparked backlash, with over 230,000 Canadians signing a petition to revoke his citizenship.