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Tesla Soars After Musk Says He Will Pull Back From DOGE Role
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April 23, 2025
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2:07Now PlayingTesla Inc. rose in late trading after Chief Executive Officer Elon Musk said he’s going to pull back “significantly” from his work with the US government to focus on the EV maker.
Musk also said that he plans to keep advocating for President Donald Trump to pull back on tariffs, which have hit Tesla.
“I think starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said during a call with analysts on Tuesday, referring to the Department of Government Efficiency that he’s been leading. He predicted he’ll continue to be involved to some extent for “the remainder of the president’s term,” but he would soon be allocating more time to Tesla.
The stock rose 3.8% at 6:14 p.m. in extended New York trading, paring some of an earlier gain. His statements sparked a rally following an initial lukewarm reaction to Tesla’s first-quarter results. The company reported adjusted earnings of 27 cents per share for the first quarter, below the average analyst estimate, while omitting an earlier prediction that sales would return to growth for the full year.
Instead, Tesla said that it’s “making prudent investments that will set up” the vehicle business for growth. That will depend on factors including production increases and the “broader macroeconomic environment.”
Bloomberg's Ed Ludlow discusses the Tesla earnings results and how the company missed estimates, and Elon Musk saying he will step back from DOGE and reiterate his commitment to Tesla. Ed also talks about how President Trump's reciprocal tariffs policy are affecting Tesla's earnings. Ed Ludlow speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."
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