NEW YORK: Elon Musk will significantly scale back his Trump administration work in May to focus on Tesla, the billionaire announced on Tuesday as the electric vehicle maker reported a 71 percent drop in first-quarter profits.
“Probably in the next month, my time allocation to DOGE will drop significantly,” Musk said at the outset of an earnings conference call, referring to his work for the “Department of Government Efficiency.”
The comments came as Tesla reported profits of $409 million following a drop in auto sales that analysts said reflected brand damage due to Musk’s work for President Donald Trump in slashing the US federal workforce. Revenues fell nine percent to $19.3 billion.
The company retreated from its 2025 guidance, citing unpredictability over trade policy and demand.
“Uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers,” the company said.
Published in Dawn, April 24th, 2025