Elon Musk has been facing a tough time lately, with Tesla’s stock dropping over 50% since December, causing a $9 billion loss to his net worth. Tesla’s stock dropped 6% last week, wiping out $8.8 billion from Musk’s fortune, which fell from $464 billion to $342.8 billion.

This downturn is linked to Wall Street’s volatility and challenges in the electric vehicle market, compounded by Musk’s role in the Department of Government Efficiency under Donald Trump, where he aims to cut federal spending. Musk admitted in an interview that managing multiple businesses is increasingly difficult, especially as Tesla faces a global slowdown.

Trump, however, continues to offer his full support for Musk. On March 10, Trump posted on Truth Social, defending Musk and criticizing those he describes as extreme left-wing individuals for attempting to harm Tesla. He pledged to buy a new Tesla as a show of support, even though he had previously criticized electric cars.

Trump’s backing of Musk is clear, with him turning the White House into a Tesla showroom on March 11, praising Musk’s contributions to America.