Car manufacturers Rivian and Lucid also plummeted, with the highest drop reaching 14%.
Second, Musk had a secret meeting with Iranian representatives, and the matter was confusing.
According to multiple media reports, on November 11, Musk secretly met with Iran's permanent representative to the United Nations in New York for one hour. The Iranian side revealed that during the meeting, the two sides discussed how to ease tensions between Iran and the United States.
But what is puzzling is that Musk has no official status. Even though Trump seems to have promised him a management position in the Department of Government Efficiency, it has nothing to do with the diplomatic field. Musk's meeting with Iranian representatives is likely to be directly instructed by Trump.
But the problem is that if Trump wants to contact Iran, he should not send Musk. The Secretary of State Rubio and Secretary of Defense Hegseth, whom he has already nominated, are better candidates. Letting Musk "overstep his authority" will not only fail to get things done, but may also cause Musk to be suspected by others.
Third, Musk will "offend people" on behalf of Trump.
On November 15, Musk publicly recruited talents for his upcoming U.S. "Government Efficiency Department" on social media. His requirements were also very high: "We need super-intelligent small government revolutionaries who are willing to work more than 80 hours a week and do boring cost-cutting work."
I don't know if Musk realizes that he is about to do a job that directly offends people. Even with Trump's support, what he will face next is the hostility of as many as 2.26 million civil servants in the United States. These are not only obstacles to his work, but many of them are also Musk's clients, which may affect his own business operations.
On the surface, it seems that Trump has indeed given Musk an important task, but as we often say, "too much is as bad as too little." With Trump's strength, he still hit a wall repeatedly during his first term. Letting a political novice like Musk charge forward, I wonder if he will become a "sharp knife" or "meat to be slaughtered."
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