🕷️ Crawler Inspector

[Iran War Live Updates Trump Gives Time Naval Blockade Will Start](https://www.newsweek.com/iran-war-live-trump-gives-time-naval-blockade-will-start-11818589) - [U.S.](https://www.newsweek.com/us) - [News](https://www.newsweek.com/news) - [Politics](https://www.newsweek.com/politics) - [Tech](https://www.newsweek.com/technology) - [Fact Check](https://www.newsweek.com/fact-check) - [Sports](https://www.newsweek.com/sports) - [Global](https://www.newsweek.com/world) - [Russia-Ukraine](https://www.newsweek.com/topic/russia) - [Middle East](https://www.newsweek.com/topic/middle-east) - [China And Asia](https://www.newsweek.com/topic/china) - [Better Planet](https://www.newsweek.com/better-planet) - [All World News](https://www.newsweek.com/world) - [Lifestyle](https://www.newsweek.com/life) - [Family & Parenting](https://www.newsweek.com/topic/parenting) - [Entertainment](https://www.newsweek.com/entertainment) - [Travel](https://www.newsweek.com/travel) - [Pets](https://www.newsweek.com/pets) - [Automotive](https://www.newsweek.com/autos) - [Relationships](https://www.newsweek.com/relationships) - [Science](https://www.newsweek.com/tech-science) - [Health](https://www.newsweek.com/health) - [Personal Finance](https://www.newsweek.com/personal-finance) - [Better Workplaces](https://www.newsweek.com/better-workplaces) - [Readers Choice](https://www.newsweek.com/readerschoice) - [Opinion](https://www.newsweek.com/opinion) - [My Turn](https://www.newsweek.com/my-turn) - [All Opinion](https://www.newsweek.com/opinion) - [Rankings](https://rankings.newsweek.com/) - [Health](https://rankings.newsweek.com/category/health) - [Finance](https://rankings.newsweek.com/category/finance) - [Products](https://rankings.newsweek.com/category/products-services) - [Education](https://rankings.newsweek.com/category/education) - [Workplaces](https://rankings.newsweek.com/category/work) - [Corporate Responsibility](https://rankings.newsweek.com/category/corporate-responsibility) - [All Rankings](https://rankings.newsweek.com/) - [Social](https://www.newsweek.com/) - [Facebook](https://www.facebook.com/Newsweek) - [Instagram](https://www.instagram.com/newsweek) - [YouTube](https://www.youtube.com/newsweek) - [TikTok](https://www.tiktok.com/@newsweek) - [Twitter/X](https://x.com/newsweek) - [Reddit](https://www.reddit.com/user/newsweek/) - [Extra](https://www.newsweek.com/) - [Newsletters](https://www.newsweek.com/preference-center) - [Newsmakers](https://www.newsweek.com/newsmakers) - [Unconventional](https://www.newsweek.com/unconventional) - [Events](https://events.newsweek.com/) - [Podcasts](https://www.newsweek.com/podcasts) - [Vantage](https://www.newsweek.com/topic/vantage) - [Magazine](https://www.newsweek.com/archive) - [CEO Circle](https://www.newsweek.com/ceo-circle) - [Announcements](https://www.newsweek.com/announcements) - [Leadership](https://www.newsweek.com/leadership) - [Dev Pragad](https://www.newsweek.com/dev-pragad) [Subscribe](https://www.newsweek.com/subscribe) Sign In - U.S. [News](https://www.newsweek.com/news)[Politics](https://www.newsweek.com/politics)[Tech](https://www.newsweek.com/technology)[Fact Check](https://www.newsweek.com/fact-check)[Sports](https://www.newsweek.com/sports) - Global [Russia-Ukraine](https://www.newsweek.com/topic/russia)[Middle East](https://www.newsweek.com/topic/middle-east)[China And Asia](https://www.newsweek.com/topic/china)[Better Planet](https://www.newsweek.com/better-planet)[All World News](https://www.newsweek.com/world) - Lifestyle [Family & Parenting](https://www.newsweek.com/topic/parenting)[Entertainment](https://www.newsweek.com/entertainment)[Travel](https://www.newsweek.com/travel)[Pets](https://www.newsweek.com/pets)[Automotive](https://www.newsweek.com/autos)[Relationships](https://www.newsweek.com/relationships)[Science](https://www.newsweek.com/tech-science)[Health](https://www.newsweek.com/health)[Personal Finance](https://www.newsweek.com/personal-finance)[Better Workplaces](https://www.newsweek.com/better-workplaces)[Readers Choice](https://www.newsweek.com/readerschoice) - Opinion [My Turn](https://www.newsweek.com/my-turn)[All Opinion](https://www.newsweek.com/opinion) - Rankings [Health](https://rankings.newsweek.com/category/health)[Finance](https://rankings.newsweek.com/category/finance)[Products](https://rankings.newsweek.com/category/products-services)[Education](https://rankings.newsweek.com/category/education)[Workplaces](https://rankings.newsweek.com/category/work)[Corporate Responsibility](https://rankings.newsweek.com/category/corporate-responsibility)[All Rankings](https://rankings.newsweek.com/) - Social [Facebook](https://www.facebook.com/Newsweek)[Instagram](https://www.instagram.com/newsweek)[YouTube](https://www.youtube.com/newsweek)[TikTok](https://www.tiktok.com/@newsweek)[Twitter/X](https://x.com/newsweek)[Reddit](https://www.reddit.com/user/newsweek/) - Extra [Newsletters](https://www.newsweek.com/preference-center)[Newsmakers](https://www.newsweek.com/newsmakers)[Unconventional](https://www.newsweek.com/unconventional)[Events](https://events.newsweek.com/)[Podcasts](https://www.newsweek.com/podcasts)[Vantage](https://www.newsweek.com/topic/vantage)[Magazine](https://www.newsweek.com/archive)[CEO Circle](https://www.newsweek.com/ceo-circle)[Announcements](https://www.newsweek.com/announcements)[Leadership](https://www.newsweek.com/leadership)[Dev Pragad](https://www.newsweek.com/dev-pragad) [Politics](https://www.newsweek.com/politics) [Elon Musk](https://www.newsweek.com/topic/elon-musk)[Tesla](https://www.newsweek.com/topic/tesla)[Wall Street](https://www.newsweek.com/topic/wall-street)[Stock Market](https://www.newsweek.com/topic/stock-market) News Article # Elon Musk Reacts After Tesla Suffers \$16 Billion Stock Market Hit *** Published Mar 10, 2025 at 06:56 PM EDT updated Mar 11, 2025 at 08:02 AM EDT ## Video  3 Tesla’s Worst Performing Markets As Global Sales Plummet *** ### Related Videos -  ‘No Man Left Behind’ Means No Man Left Behind \| THE JOSH HAMMER SHOW -  Donald Trump Is Emphatically Correct About Birthright Citizenship \| THE JOSH HAMMER SHOW -  Tesla’s Worst Performing Markets As Global Sales Plummet By Sonam Sheth Evening Politics Editor 0 Share [Newsweek is a Trust Project member](https://www.newsweek.com/editorial-guidelines) Prefer Newsweek on Google to see more of our trusted coverage when you search. *** Tesla CEO [Elon Musk](https://www.newsweek.com/topic/elon-musk) responded Monday after his car company suffered huge losses amid a deepening Wall Street sell-off spurred by concerns over President [Donald Trump](https://www.newsweek.com/topic/donald-trump)'s tariff and trade policies. ## The Context The S\&P 500 slid 2.7 percent on Monday amid mounting worries about how much strain Trump's economic policies will impose on Americans. The [Dow Jones](https://www.newsweek.com/topic/dow-jones) Industrial Average dropped 2.1 percent, while the Nasdaq took the heaviest hit, plunging 4 percent on its worst day since 2022. ## What To Know Tesla's stock fell by 15 percent on Monday, losing \$16 billion in one day and becoming the worst-performing stock in the S\&P 500 this year. Musk [shrugged off the loss](https://www.axios.com/2025/03/10/tesla-stock-twitter-down-musk?utm_medium=social&utm_source=twitter&utm_campaign=editorial), as well as a slew of other negative news reports, in a [Fox](https://www.newsweek.com/topic/fox) Business Network interview. "But look on the bright side!" Musk said, [quoting Monty Python](https://www.youtube.com/watch?v=X_-q9xeOgG4), as he often [has before](https://x.com/elonmusk/status/1880967609686122824). "Always look on the bright side of life!" #### Read More [Elon Musk Insists US Should ‘Really’ Exit NATO5 min read](https://www.newsweek.com/elon-musk-insists-us-should-really-exit-nato-2041837) [Lindsey Graham’s Warning Over Abandoning Ukraine—’Worse Than Afghanistan’7 min read](https://www.newsweek.com/lindsey-grahams-warning-over-abandoning-ukraine-2041892) [Who Is Mahmoud Khalil? Columbia University Grad Detained by ICE6 min read](https://www.newsweek.com/who-mahmoud-khalil-columbia-university-grad-detained-ice-2041925) Elon Musk leaves after meeting with Senate Republicans, at the Capitol in Washington, Wednesday, March 5, 2025. \| Ben Curtis/AP/AP Monday's turmoil came after Trump acknowledged that the U.S. is going through "a period of transition because what we're doing is very big." "We're bringing wealth back to America," the president told [Fox News](https://www.newsweek.com/topic/fox-news)' [Maria Bartiromo](https://www.newsweek.com/topic/maria-bartiromo) in a Sunday interview. "That's a big thing. And there are always periods of, it takes a little time. I think it should be great for us." Trump also conceded that the U.S. will experience some volatility as a result of his policies, telling Bartiromo the country is "going to have a disruption, but we're OK with that." Musk, who sat down with Fox's [Larry Kudlow](https://www.newsweek.com/topic/larry-kudlow) for an interview Monday, also addressed efforts by the Department of Government Efficiency (DOGE) to root out what the Trump administration has characterized as government "waste, fraud and abuse." The [SpaceX](https://www.newsweek.com/topic/spacex) CEO said the task force has "pretty much" gained access to every government agency and its spending data, adding that DOGE is "transparent line-by-line" about funding it plans to slash. Musk's DOGE has what it calls a "wall of receipts" on its official website, where it documents grants and programs it has cut or intends to cut. But *The New York Times* [has found](https://www.nytimes.com/2025/02/25/upshot/doge-spending-cuts-changed.html) multiple instances in which DOGE vastly inflated the amount of money it said it saved. "The president is the elected representative of the people," Musk said. "And if the president cannot get things implemented as a reflection of the will of the people, then what we have is not a democracy, we have a bureaucracy ... rule of the bureau, not rule of the people. What we're trying to defeat here is the bureaucracy and have rule of the people." Musk, who has spearheaded DOGE's cuts to federal programs and its efforts to dismantle government agencies, has not been elected to any government position. He spent more than \$200 million to help get Trump elected. Tesla's Monday misfortunes come as Musk faces a slew of other hurdles, both as the head of SpaceX and [Tesla](https://www.newsweek.com/topic/tesla) and the head of DOGE. Last week, SpaceX's Starship rocket suffered its second setback of the year when it exploded shortly after launching. The next day, Trump appeared to rein in Musk's wrecking-ball approach to shrinking the bureaucracy, saying he would use a "'scalpel' rather than the 'hatchet'" to make cuts. ## What People Are Saying **The White House said in a statement regarding Monday's sell-off:** "Since President Trump was elected, industry leaders have responded to President Trump's America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs. President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term." **White House National Economic Council Director Kevin Hassett told CNBC earlier Monday:** "There are a lot of reasons to be extremely bullish about the economy going forward. But for sure, this quarter, there are some blips in the data. What's going to happen is the first quarter is going to squeak into the positive category, and then the second quarter is going to take off as everybody sees the reality of the tax cuts." ## What Happens Next Economic turbulence over tariffs is likely just beginning. Trump imposed steep tariffs on Mexico and Canada and increased tariffs on China last week, only to walk them back after they sent markets into a tailspin and sparked reciprocal tariffs from Canada and China. Trump subsequently said that most goods covered by the USMCA trade agreement—which Trump negotiated during his first term as a replacement for NAFTA—will be granted temporary reprieve from tariffs through April 2. He also included a carve-out for automakers. Barring another intervention, those tariffs will kick back in next month, as well as additional tariffs on agricultural products that Trump announced earlier. [Request Reprint & Licensing](https://www.newsweek.com/contact) Submit Correction [View Editorial & AI Guidelines](https://www.newsweek.com/editorial-guidelines) *** Prefer Newsweek on Google to see more of our trusted coverage when you search. ## Recommended For You [News](https://www.newsweek.com/news) [Iran War Updates: New 24-Hour Deadline Looms as Trump Warns Strikes May Resume](https://www.newsweek.com/iran-war-live-updates-vance-pakistan-iran-talks-israel-hezbollah-hormuz-ceasefire-trump-11811063) 2 min read [News](https://www.newsweek.com/news) [Trump Unleashes Profanity‑Laced Threat Against Iran Over Vital Strait](https://www.newsweek.com/trump-uses-profanity-in-new-threat-demanding-iran-reopen-strait-11784892) 5 min read [For Members](https://www.newsweek.com/topic/for-members) [Analysis](https://www.newsweek.com/analysis) [The Next MAGA Matrix Dilemma Has Arrived](https://www.newsweek.com/maga-matrix-red-blue-pill-trump-iran-war-11809689) 9 min read [News](https://www.newsweek.com/news) [Americans Urged To Reboot Internet Routers by NSA](https://www.newsweek.com/americans-reboot-internet-routers-nsa-11810909) 6 min read [Politics](https://www.newsweek.com/politics) [JD Vance’s Faith Faces Trump Test](https://www.newsweek.com/jd-vances-faith-faces-trump-test-11808460) 7 min read [U.S.](https://www.newsweek.com/us) [Who Is Amanda Ungaro? What We Know as Melania Trump Speaks Out on Epstein](https://www.newsweek.com/who-is-amanda-ungaro-what-we-know-as-melania-trump-speaks-out-on-epstein-11813227) 6 min read [Politics](https://www.newsweek.com/politics) [Supreme Court Hands Republicans Election Win](https://www.newsweek.com/supreme-court-republicans-election-win-ohio-ballot-dispute-11806812) 4 min read [U.S.](https://www.newsweek.com/us) [Map Shows Best And Worst States For Renters](https://www.newsweek.com/map-shows-best-and-worst-states-for-renters-11798754) 3 min read [Politics](https://www.newsweek.com/politics) [Donald Trump Eviscerates His Former Biggest Supporters: ‘Nut Jobs’](https://www.newsweek.com/donald-trump-slams-tucker-carlson-megyn-kelly-candace-owens-11808287) 3 min read [News](https://www.newsweek.com/news) [Classic Cars Face Weekday Driving Ban Under New Plan](https://www.newsweek.com/classic-cars-minnesota-weekday-driving-ban-new-plan-11805629) 3 min read [Politics](https://www.newsweek.com/politics) [Donald Trump Reacts to Melania’s Epstein Allegations Speech](https://www.newsweek.com/trump-says-he-didnt-know-about-melania-epstein-statement-11808208) 1 min read [U.S.](https://www.newsweek.com/us) [America’s Power Supply Just Flipped in Surprising Direction](https://www.newsweek.com/americas-power-supply-just-flipped-in-surprising-direction-11805184) 4 min read [News](https://www.newsweek.com/news) [MAGA Civil War Explodes](https://www.newsweek.com/maga-civil-war-explodes-11808284) 9 min read [Travel](https://www.newsweek.com/travel) [World’s Tallest Empty Skyscraper Finally Nears Completion After 18 Years](https://www.newsweek.com/worlds-tallest-empty-skyscraper-nears-completion-18-years-11801570) 2 min read [For Members](https://www.newsweek.com/topic/for-members) [Analysis](https://www.newsweek.com/analysis) [Iran’s 10-Point Peace Plan for Trump: Dissected](https://www.newsweek.com/iran-10-point-peace-plan-trump-war-israel-dissected-11798222) 14 min read ## Conversation Log in \| Sign up Start a discussion, not a fire. Post with kindness. Read our guidelines [here](https://www.newsweek.com/community-guidelines)  All Comments MOST LIKED **0** ### All Comments Start the conversation ## Active Conversations The following is a list of the most commented articles in the last 7 days. - [A trending article titled "Trump sparks fury with image of himself as Jesus: ‘Antichrist Spirit’" with 8 comments.Trump sparks fury with image of himself as Jesus: ‘Antichrist Spirit’ 8](https://www.newsweek.com/trump-sparks-fury-with-image-of-himself-as-jesus-antichrist-spirit-11818578?__vfz=medium%3Dconversations_top_pages) - [A trending article titled "Trump warns US military ready to "finish" Iran after talks fail" with 134 comments.Trump warns US military ready to "finish" Iran after talks fail 134](https://www.newsweek.com/trump-warns-us-military-ready-to-finish-iran-after-talks-fail-11810764?__vfz=medium%3Dconversations_top_pages) Powered by ## Related Podcasts ## Top Stories [Live Blog](https://www.newsweek.com/live-blog) [Iran War Live: Trump Gives Time Naval Blockade Will Start](https://www.newsweek.com/iran-war-live-trump-gives-time-naval-blockade-will-start-11818589) 2 min read [For Members](https://www.newsweek.com/topic/for-members) [Analysis](https://www.newsweek.com/analysis) [5 Hard Truths for Trump in Orbán’s Big Loss](https://www.newsweek.com/trump-orban-hungary-election-eu-nato-magyar-11818647) 7 min read [News](https://www.newsweek.com/news) [Pope Leo Says He Is Not Afraid Of Donald Trump](https://www.newsweek.com/pope-leo-hits-back-donald-trump-11819236) 3 min read [Politics](https://www.newsweek.com/politics) [Eric Swalwell Suspends Campaign for California Governor: ‘Deeply Sorry’](https://www.newsweek.com/eric-swalwell-suspends-campaign-california-governor-deeply-sorry-11818307) 5 min read [World](https://www.newsweek.com/world) [In Blow to MAGA, Europe’s ‘Trump Before Trump’ Loses in Hungary](https://www.newsweek.com/maga-europe-trump-orban-loses-hungary-11816855) 4 min read [News](https://www.newsweek.com/news) [Trump Warns China Explicitly Over Iran Weapons, Threatens ‘50% Tariff’](https://www.newsweek.com/trump-china-iran-weapons-50-percent-tariff-warning-11817592) 3 min read [Trending](https://www.newsweek.com/) VA [VA Gives Financial Boost To Veterans: What Changes and Who Qualifies](https://www.newsweek.com/va-gives-financial-boost-to-veterans-11815178) 4 min read NSA [Americans Urged To Reboot Internet Routers by NSA](https://www.newsweek.com/americans-reboot-internet-routers-nsa-11810909) 6 min read Jeffrey Epstein [Who Is Amanda Ungaro? What We Know as Melania Trump Speaks Out on Epstein](https://www.newsweek.com/who-is-amanda-ungaro-what-we-know-as-melania-trump-speaks-out-on-epstein-11813227) 6 min read Breaking News [Trump Warns US Military Ready to ‘Finish’ Iran After Talks Fail](https://www.newsweek.com/trump-warns-us-military-ready-to-finish-iran-after-talks-fail-11810764) 4 min read Basketball [Top Transfer Portal Player Audi Crooks May Have Hinted at Her Next Team](https://www.newsweek.com/sports/ncaa/top-transfer-portal-player-audi-crooks-may-have-hinted-at-her-next-team-11815772) 2 min read [Opinion](https://www.newsweek.com/opinion) [Opinion](https://www.newsweek.com/opinion) [Yom Hashoah 2026 and The Cold War Roots of Modern Antisemitism \| Opinion](https://www.newsweek.com/yom-hashoah-2026-and-the-cold-war-roots-of-modern-antisemitism-opinion-11811467) 5 min read [Opinion](https://www.newsweek.com/opinion) [Deportations Are Putting US Disaster Response at Risk \| Opinion](https://www.newsweek.com/deportations-are-putting-us-disaster-response-at-risk-opinion-11807297) 4 min read [Opinion](https://www.newsweek.com/opinion) [Why Cutting Education During Crises Costs More in the Long Run \| Opinion](https://www.newsweek.com/cutting-education-during-crises-costs-more-in-long-run-opinion-11791949) 5 min read [Opinion](https://www.newsweek.com/opinion) [What Afrika Bambaataa Did \| Opinion](https://www.newsweek.com/what-afrika-bambaataa-did-opinion-11810699) 7 min read [Opinion](https://www.newsweek.com/opinion) [Sweet Tooth of Organized Crime Has Bitter Cost for Consumers \| Opinion](https://www.newsweek.com/sweet-tooth-of-organized-crime-has-bitter-cost-for-consumers-opinion-11800497) 4 min read ### sections - [U.S.](https://www.newsweek.com/us) - [Global](https://www.newsweek.com/world) - [Lifestyle](https://www.newsweek.com/life) - [Health](https://www.newsweek.com/health) - [Opinion](https://www.newsweek.com/opinion) - [Rankings](https://rankings.newsweek.com/) ### company - [About Us](https://www.newsweek.com/about-newsweek) - [Masthead](https://www.newsweek.com/about-newsweek#masthead) - [Careers](https://www.newsweek.com/careers) - [Diversity & Inclusion](https://www.newsweek.com/diversity-report) - [Mission Statement](https://www.newsweek.com/mission-statement) - [Leadership](https://www.newsweek.com/leadership) ### editions - [U.S. Edition](https://www.newsweek.com/) - [日本](https://www.newsweekjapan.jp/) - [Polska](https://www.newsweek.pl/) - [România](https://newsweek.ro/) ### contact - [Advertise](https://advertising.newsweek.com/) - [Corrections](https://www.newsweek.com/corrections) - [Announcements](https://www.newsweek.com/announcements) - [Press Center](https://www.newsweek.com/press-center-image-gallery) - [Contact Us](https://www.newsweek.com/contact) ### terms of use - [Cookie Policy](https://www.newsweek.com/cookie-policy) - [Copyright](https://www.newsweek.com/copyright) - [Privacy Policy](https://www.newsweek.com/privacy-policy) - [Terms & Conditions](https://www.newsweek.com/terms-service) - [Terms of Sale](https://www.newsweek.com/terms-sale) - Privacy Settings ### sections - [U.S.](https://www.newsweek.com/us) - [Global](https://www.newsweek.com/world) - [Lifestyle](https://www.newsweek.com/life) - [Health](https://www.newsweek.com/health) - [Opinion](https://www.newsweek.com/opinion) - [Rankings](https://rankings.newsweek.com/) ### company - [About Us](https://www.newsweek.com/about-newsweek) - [Masthead](https://www.newsweek.com/about-newsweek#masthead) - [Careers](https://www.newsweek.com/careers) - [Diversity & Inclusion](https://www.newsweek.com/diversity-report) - [Mission Statement](https://www.newsweek.com/mission-statement) - [Leadership](https://www.newsweek.com/leadership) ### editions - [U.S. Edition](https://www.newsweek.com/) - [日本](https://www.newsweekjapan.jp/) - [Polska](https://www.newsweek.pl/) - [România](https://newsweek.ro/) ### contact - [Advertise](https://advertising.newsweek.com/) - [Corrections](https://www.newsweek.com/corrections) - [Announcements](https://www.newsweek.com/announcements) - [Press Center](https://www.newsweek.com/press-center-image-gallery) - [Contact Us](https://www.newsweek.com/contact) ### terms of use - [Cookie Policy](https://www.newsweek.com/cookie-policy) - [Copyright](https://www.newsweek.com/copyright) - [Privacy Policy](https://www.newsweek.com/privacy-policy) - [Terms & Conditions](https://www.newsweek.com/terms-service) - [Terms of Sale](https://www.newsweek.com/terms-sale) - Privacy Settings © 2026 Newsweek Digital LLC    **0**

Tesla CEO [Elon Musk](https://www.newsweek.com/topic/elon-musk) responded Monday after his car company suffered huge losses amid a deepening Wall Street sell-off spurred by concerns over President [Donald Trump](https://www.newsweek.com/topic/donald-trump)'s tariff and trade policies. ## The Context The S\&P 500 slid 2.7 percent on Monday amid mounting worries about how much strain Trump's economic policies will impose on Americans. The [Dow Jones](https://www.newsweek.com/topic/dow-jones) Industrial Average dropped 2.1 percent, while the Nasdaq took the heaviest hit, plunging 4 percent on its worst day since 2022. ## What To Know Tesla's stock fell by 15 percent on Monday, losing \$16 billion in one day and becoming the worst-performing stock in the S\&P 500 this year. Musk [shrugged off the loss](https://www.axios.com/2025/03/10/tesla-stock-twitter-down-musk?utm_medium=social&utm_source=twitter&utm_campaign=editorial), as well as a slew of other negative news reports, in a [Fox](https://www.newsweek.com/topic/fox) Business Network interview. "But look on the bright side!" Musk said, [quoting Monty Python](https://www.youtube.com/watch?v=X_-q9xeOgG4), as he often [has before](https://x.com/elonmusk/status/1880967609686122824). "Always look on the bright side of life!" Elon Musk leaves after meeting with Senate Republicans, at the Capitol in Washington, Wednesday, March 5, 2025. \| Ben Curtis/AP/AP Monday's turmoil came after Trump acknowledged that the U.S. is going through "a period of transition because what we're doing is very big." "We're bringing wealth back to America," the president told [Fox News](https://www.newsweek.com/topic/fox-news)' [Maria Bartiromo](https://www.newsweek.com/topic/maria-bartiromo) in a Sunday interview. "That's a big thing. And there are always periods of, it takes a little time. I think it should be great for us." Trump also conceded that the U.S. will experience some volatility as a result of his policies, telling Bartiromo the country is "going to have a disruption, but we're OK with that." Musk, who sat down with Fox's [Larry Kudlow](https://www.newsweek.com/topic/larry-kudlow) for an interview Monday, also addressed efforts by the Department of Government Efficiency (DOGE) to root out what the Trump administration has characterized as government "waste, fraud and abuse." The [SpaceX](https://www.newsweek.com/topic/spacex) CEO said the task force has "pretty much" gained access to every government agency and its spending data, adding that DOGE is "transparent line-by-line" about funding it plans to slash. Musk's DOGE has what it calls a "wall of receipts" on its official website, where it documents grants and programs it has cut or intends to cut. But *The New York Times* [has found](https://www.nytimes.com/2025/02/25/upshot/doge-spending-cuts-changed.html) multiple instances in which DOGE vastly inflated the amount of money it said it saved. "The president is the elected representative of the people," Musk said. "And if the president cannot get things implemented as a reflection of the will of the people, then what we have is not a democracy, we have a bureaucracy ... rule of the bureau, not rule of the people. What we're trying to defeat here is the bureaucracy and have rule of the people." Musk, who has spearheaded DOGE's cuts to federal programs and its efforts to dismantle government agencies, has not been elected to any government position. He spent more than \$200 million to help get Trump elected. Tesla's Monday misfortunes come as Musk faces a slew of other hurdles, both as the head of SpaceX and [Tesla](https://www.newsweek.com/topic/tesla) and the head of DOGE. Last week, SpaceX's Starship rocket suffered its second setback of the year when it exploded shortly after launching. The next day, Trump appeared to rein in Musk's wrecking-ball approach to shrinking the bureaucracy, saying he would use a "'scalpel' rather than the 'hatchet'" to make cuts. ## What People Are Saying **The White House said in a statement regarding Monday's sell-off:** "Since President Trump was elected, industry leaders have responded to President Trump's America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs. President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term." **White House National Economic Council Director Kevin Hassett told CNBC earlier Monday:** "There are a lot of reasons to be extremely bullish about the economy going forward. But for sure, this quarter, there are some blips in the data. What's going to happen is the first quarter is going to squeak into the positive category, and then the second quarter is going to take off as everybody sees the reality of the tax cuts." ## What Happens Next Economic turbulence over tariffs is likely just beginning. Trump imposed steep tariffs on Mexico and Canada and increased tariffs on China last week, only to walk them back after they sent markets into a tailspin and sparked reciprocal tariffs from Canada and China. Trump subsequently said that most goods covered by the USMCA trade agreement—which Trump negotiated during his first term as a replacement for NAFTA—will be granted temporary reprieve from tariffs through April 2. He also included a carve-out for automakers. Barring another intervention, those tariffs will kick back in next month, as well as additional tariffs on agricultural products that Trump announced earlier.