Musk has played a key role in Trump’s administration, unofficially helming the Department of Government Efficiency (DOGE) responsible for culling the federal workforce and funding in what Musk claims is a cost-cutting effort. All the while, he has continued to preside over his companies—from Tesla to SpaceX—despite investor concerns he is spread too thin. But after Trump’s first 100 days back in the White House, Musk finds himself with little to show for his efforts.

Tesla’s share price has dropped 33% since just prior to Trump’s inauguration, and 41% since its record peak in December 2024. After the company reported a 13% drop in sales in the first three months of the year, investors have continually pleaded with Musk to take a step back from DOGE. Musk derives about 60% of his wealth from the EV maker.

“This is 100 days of destruction,” Elaine Kamarck, the director of the Center for Effective Public Management at the Brookings Institution in Washington, told Bloomberg. “DOGE is cutting into muscle, not fat. Elon Musk is taking a lot of the heat for Trump’s decisions, and people have decided to hate Musk more than Trump.”

The White House and Tesla did not respond to Fortune’s requests for comment.

Musk’s 100 days in government

Musk’s tenure as a “special government employee” in Trump’s administration—which is set to be up in 30 days—has been marked by controversy. Though the advisory originally set out to save $2 trillion in government “fraud, waste, and abuse,” it claims to have saved only $160 billion, which some experts allege is still an exaggeration. Meanwhile, the Yale University Budget Lab claims DOGE’s mass firings in the Internal Revenue Service will actually cost the government billions in taxpayer revenue, while some economists fear cuts to private-sector contracts threaten small businesses and the labor market.

DOGE has failed to gain the trust of most Americans. According to an April Washington Post–ABC News Ipsos poll, 57% of Americans disapprove of how Musk has handled DOGE, up from 49% polled in February.

While SpaceX, as well as United Launch Alliance (ULA) and Jeff Bezos–owned Blue Origin, secured a $13.5 billion contract from the Pentagon, Tesla’s fortunes under Trump have been starkly different. The EV maker was already contending with rocky sales as a result of increased competition from China. Tesla chief financial officer Vaibhav Taneja predicted during the company’s fourth-quarter earnings call Trump’s tariff plan would “impact [its] business and profitability.” 

Meanwhile, Musk’s involvement with the Trump administration has politicized his company, sparking boycotts and protests with the intention to “bankrupt” Musk, according to one protest organizer. Musk is inextricable from his EV-maker’s brand, according to Dan Ives, a longtime Tesla bull and managing director at Wedbush Securities. Unless Musk stepped away from his responsibilities at DOGE, Tesla would continue to be the target of Americans’ ire toward Musk and his role in the Trump administration, he argued.

“The clock struck midnight,” Ives told Fortune last month. “Investor frustrations boiled over, and the more Tesla becomes a political symbol, the worse it is to the brand and the stock.” 

Musk’s net worth fell below $300 billion earlier this month for the first time since November 2024, following market upheaval as a result of Trump’s tariff rollout.

Musk’s potential turnaround

There are signs the tide will turn for Musk. His wealth has since recovered to about $335 billion as Tesla’s stock continues to rally—though it’s still far below its December 2024 peak—following his recommitment to his role at Tesla. Musk’s return to Tesla could be a balm to the business, but not a quick fix.

“We view this as a fork-in-the-road time: If Musk leaves the White House there will be permanent brand damage,” Ives told investors earlier this month. “But Tesla will have its most important asset and strategic thinker back as full-time CEO.” 

Musk conceded in his earnings presentation he will likely continue working with the president in some capacity for the rest of his term, conducting DOGE business one or two days a week. Meanwhile, Trump has continued to stand by Musk, heaping praise on his accomplishments within the administration. 

“I can’t speak more highly about any individual,” Trump told reporters last week. “He was treated very unfairly by—I guess you’d call it the public, some of the public.” 

“He loves the country,” Trump added. “He doesn’t need to do this.”