Published: April 27, 2025, 06:31 PM
Elon Musk announced on Tuesday that he would be scaling back his involvement with the White House to focus more on Tesla, following a 71% drop in the company`s first-quarter profits.
"Within the next month, my time spent on DOGE-related activities will decrease significantly," Musk stated during Tesla`s earnings call, referencing his work with the "Department of Government Efficiency."
The announcement came as Tesla reported profits of just $409 million, a significant decline due to a drop in car sales. Analysts pointed to Musk’s White House involvement, particularly his role in slashing the US federal workforce, as a factor that may have hurt the brand’s image. Tesla`s revenues also fell by 9%, reaching $19.3 billion.
The company lowered its 2025 revenue forecast, citing uncertainty over trade policy and shifting demand patterns.
“Rising uncertainty in the automotive and energy markets, driven by unpredictable trade policies, is significantly impacting the global supply chain and cost structures for Tesla and other industry players,” the company said.
