DOGE's Elon Musk Slams Federal Document Storage, Iron Mountain Sees Stock Drop Over 10%

Benzinga

Iron Mountain shares dropped over 10% this week after Elon Musk criticized the government's document storage practices. The billionaire highlighted inefficiencies linked to the company's limestone mine in Pennsylvania. Musk, leading the Department of Government Efficiency under President Donald Trump, called the system outdated and suggested digital alternatives. Iron Mountain CEO Bill Meaney downplayed concerns, framing government efficiency efforts as a “growth opportunity” given the company’s digital transformation services. Analysts from Wells Fargo and Barclays dismissed fears of major revenue loss.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Iron Mountain shares dropped over 10% this week after Elon Musk criticized

00:05the government's document storage practices.

00:07The billionaire highlighted inefficiencies linked to the company's limestone mine in Pennsylvania.

00:11Musk, leading the Department of Government Efficiency under President Donald Trump,

00:15called the system outdated, suggesting digital alternatives.

00:18Iron Mountain CEO Bill Meany downplayed concerns framing government efficiency

00:21efforts as growth opportunities given the company's digital transformation services.

00:26Analysts from Wells Fargo and Barclays dismissed fears of major revenue loss.

00:29For all things money, visit Benzinga.com slash GSTV.

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