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 Musk, leading the Department of Government Efficiency under President Donald Trump, called the system outdated and suggested digital alternatives.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.
