Elon Musk, the CEO of X (formerly Twitter) and Tesla, has confirmed that the X platform is experiencing a “massive cyberattack,” causing widespread outages and user frustration. This revelation comes amidst a significant plunge in Tesla’s stock price and escalating protests against the company.
Cyberattack on X Platform
According to Musk, X is facing an unprecedented cyberattack that has resulted in multiple outages throughout the day. The attack, which Musk claims is more severe than the daily attacks the platform usually experiences, began around 5:30 a.m. ET on Monday, with over 20,000 users initially reporting issues. The situation escalated, with more than 40,000 users experiencing difficulties by 9:30 a.m. ET, as reported by Downdetector, a website tracking online outages.
In a post on X, Musk stated, “There was (still is) a massive cyberattack against 𝕏. We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved. Tracing …” The tech mogul later suggested in a live interview with Fox News that the attack seemed to originate from IP addresses in the Ukraine area, although this claim has not been independently verified.
Tesla Stock Plummets
While X grapples with cyberattacks, Tesla’s stock has taken a nosedive, falling over 15% in a single trading day – its worst performance since September 2020. This sharp decline has erased billions from Musk’s net worth and marks a significant setback for the electric vehicle manufacturer.
Several factors have contributed to Tesla’s stock plunge:
- Fears of slowing sales in key markets like Europe and China
- Increased competition in the electric vehicle sector
- Concerns about Musk’s involvement in political activities, particularly his role in the Trump administration’s Department of Government Efficiency (DOGE)
The stock has now fallen more than 53% from its peak in December, resulting in a staggering loss of approximately $700 billion in market value. According to the Bloomberg Billionaire Index, Musk’s personal wealth has decreased by about $139.4 billion since his peak wealth of $464 billion in December.
Protests Against Tesla Intensify
Adding to Tesla’s woes, protests against the company have escalated, with demonstrators targeting dealerships and vehicles in response to Musk’s political activities and controversial statements. The protests have not been limited to peaceful demonstrations; there have been reports of vandalism against Tesla vehicles and facilities, including an arson attempt at a service center in Loveland, Colorado.
The demonstrations appear to be widespread, occurring at Tesla locations across multiple countries. Protestors are voicing concerns about Musk’s influence on government policies and his perceived prioritization of political activities over his business responsibilities. Some Tesla owners have expressed frustration with Musk’s actions while still valuing their vehicles, highlighting the complex relationship between the company’s products and its controversial CEO.
Musk’s Role in DOGE and Its Impact
At the heart of much of the controversy surrounding Musk is his involvement in the Department of Government Efficiency (DOGE), a cost-cutting initiative aimed at reducing government expenditure under the Trump administration. As the leader of DOGE, Musk has been tasked with implementing sweeping changes across government agencies, a role that has drawn both praise and criticism.
The impact of Musk’s involvement in DOGE on his businesses, particularly Tesla, has been significant. Investors and market analysts have expressed concerns that his focus on government efficiency initiatives is diverting his attention from effectively managing Tesla. This perception has contributed to the recent decline in Tesla’s stock price, with some shareholders questioning Musk’s commitment to the electric vehicle company.
Moreover, Musk’s close association with the Trump administration has led to a backlash from some consumers, potentially harming Tesla’s brand image and sales. Some pension fund managers and large investors have voiced concerns about the impact of Musk’s political activities on their investments, suggesting that his divided focus could be detrimental to Tesla’s long-term success.
As these events unfold, the tech and business world watches closely to see how Musk will navigate these challenges. The cyberattacks on X, Tesla’s stock plunge, and the intensifying protests present a complex set of problems that will test the resolve of one of the world’s most prominent entrepreneurs. While Musk remains the world’s richest person, his lead has narrowed considerably, and the coming weeks and months will be crucial in determining the future trajectory of his various ventures.
