As the Department of Government Efficiency (DOGE) looks for ways to slash federal spending, the head of DOGE has thousands of dollars due to his companies right now.

During Donald Trump’s joint address to Congress on Tuesday evening, the president again contradicted his administration’s claims of who is running the Department of Government Efficiency (DOGE).

Ark Invest’s flagship product has lagged well behind the S&P 500 in recent years, and shares of the EV maker have plunged 28% this year.

It appears that Tesla sales are slumping in the U.S., too. According to the California New Car Dealers Association, Tesla registered fewer cars in the state in all four quarters of 2024. California is the largest EV market in the U.S. Tesla sales fell by 8 percent in the fourth quarter and 12 percent for the whole year.

EV maker Tesla is getting close to losing all of the stock gains it had made since Donald Trump's election victory in November.

Government contractors and other private sector businesses could see their bottom lines change as federal funding and regulation drops.

Steve Wozniak, co-founder of Apple, spoke with CNBC about what tech billionaire Elon Musk is doing with the U.S.'s new Department of Government Efficiency and weighed in on Tesla's product evolution.