Elon Musk said his leadership of President Donald Trump's federal cost-reduction initiative has affected Tesla's (NASDAQ:TSLA) stock performance, pointing to mounting pressure on the company.

During a Wisconsin town hall, Musk said the position comes at a personal expense. I don't need the money. In fact, it's costing me a lot to be in this job, he told the audience. Musk claimed the scrutiny has driven Tesla's market value lower and added that his and shareholders' holdings had dropped significantly.

Musk, who was in Green Bay over the weekend campaigning for a state Supreme Court candidate he has financially backed, also distributed million-dollar checks to voters to support the race.

Tesla shares have fallen almost 35% year-to-date, with a steepest decline of north of 46% reached on March 11. Short interest in the stock has risen to 81 million shares.

Despite recent losses, Musk said he remains optimistic about the company's long-term prospects and described the downturn as a potential entry point. He intends to step down from his role in Trump's administration by the end of May.