A man leaves the Iron Mountain Inc. Data storage in Boyers, Pennsylvania, USA on Tuesday, February 13, 2018. Federal government.
Stephanie Strasburg | Bloomberg | Getty pictures
Elon Musk stood next to a seated President Donald Trump in the Oval Office on Tuesday and scolded examples of the government's inefficiency, which his Doge department wanted to get out of the Federal Government.
“There is a limestone mine in which we keep all pension documents … This mine looks like something from the 50s because it started in 1955, so it looks like it was like a time distortion” explained that the elevator speed continued The mine determines the pace with which the government can process the resignation of federal employees.
“Doesn't that sound crazy?” He asked.
This mine is operated by a little -known company called Eisenbergwhose stocks were hit this week after the comments from Musk.
Iron Mountain's CEO, Bill Meaney, said on Thursday that he saw the Musk government's new government efficiency initiative as a “growth opportunity” in view of the other work of the company in digital transformation with federal authorities.
“We see this as a persistent opportunity for the company,” said Meaney analysts during the win for Thursday morning on Thursday morning. Previously, he said that this digitization low of the company with the “drive to be more efficient in the federal government” and stated “the latest interest” in Iron Mountain's federal business.
According to Meansey, income of 130 million US dollars from its data center and digitization conversion companies. This number is kept in the shade of the 10 million US dollars, which the government earn, keep physical documentation at locations such as the name seris Iron Mountain Mine. Overall, Meaney said that 10 million US dollars make up less than half of a percentage point of Iron Mountain's total volume.
“Working in a mine shaft”
In the Pennsylvania mine, which focused on Musk's statements about the company, the federal government, in which the federal government is more than 200 feet underground, is processed in the federal government and in the retirement documents. The mine is less than an hour outside of Pittsburgh and is offered by the company as a “unbeatable” level of security and protection against disasters.
The interior of the Corbi's film Preservation Facility in an Iron Mountain Underground storage in Pennsylvania. The 10,000 square meter Corbis system houses over 13 million photographic negatives, engravings and prints.
James Leynse | Corbis Historical | Getty pictures
Doge – the acronym for the government's efficiency – was of central importance for talks and criticisms of the return of President Trump to the White House when Musk's team searched the federal authorities so that fat is shortened. Musk's comments on the government contracts with Iron Mountain draw attention to a strange setup for the document storage used by the Federal Government, which is subject to a republican examination due to a lack of efficiency.
In addition, these comments – and the subsequent declaration of the company for its work – can offer a roadmap for companies that can work with federal authorities, in the middle of the focus of the Trump government on the covering up of expenses.
Musk's critical analysis of the work of Iron Mountain with the federal government seemed to affect the inventory when the concerns caused the fact that the contracts could be on the chopping knocking. So far, the shares have dropped by more than 10% this week and have reduced the share by more than 9% a year. (A large part of these declines took place at the meeting on Thursday when the investors reacted to the minor errors of the company's sales expectations.)
Stock Diagram -iconstock -Igram -Symbol
Iron Mountain, 5-day card
Doge posted photos of the mine on X, the social media platform from Musk. In text that accompanies the photos, more than 700 employees work in the mine and Musk said that a maximum of 10,000 pension applications can be processed via this system every month.
“Instead of working in a mine shaft and carrying Manila envelopes to boxes in a mine shaft, they could practically do anything else and they would add the goods and services of the United States more useful,” said Musk.
Files: Elon Musk speaks as his son X? A-12 and US President Donald Trump listen to the Oval Office of the White House in Washington, DC, USA, February 11, 2025.
Kevin Lamarque | Reuters
When describing the work of Iron Mountain with state -owned companies, Meaney informed the analysts that the company worked with more than 200 federal government authorities either as a direct provider or as a subcontractor of services. In addition, he pointed to an agreement with a state government about a persistent destruction program that can be used in its agencies.
“A big overreaction”
The Wall Street is inappropriate after the decline of the stock according to the comments from Musk and the Doge Post.
“We consider it a great overreaction,” wrote wells Fargo analyst Eric Luebchow to customers on Wednesday.
According to Luebchow, the company's income did not say of a single customer, which means that it would probably not score a goal, even if the federal government ended its deal with the mine. If the government gets out, Luebchow would probably have to pay the fees for the termination of Iron Mountain, which can be around a year or two annual rent.
The analyst also supported Meaneey's claim that a focus on efficiency could actually be a blessing for other parts of Iron Mountain's division.
Barclays' Brendan Lynch agreed and added that the government is legally required to keep records that are somewhere in Iron Mountain.
“We see this as none flood,” Lynch told the customer on Wednesday before they recommended “to buy the weakness”.