Elon Musk's DOGE role to 'drop significantly' after Tesla profits plunge | LiveNOW from FOX
April 23, 2025
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4:21Now PlayingElon Musk's DOGE role to 'drop significantly' after Tesla profits plunge | LiveNOW from FOX
YouTube Description
as posted by the channelElon Musk says he plans to scale back his role in Washington and shift his focus back to Tesla after the electric vehicle maker reported a sharp decline in first-quarter profits.
The move comes amid criticism from investors who say Musk has been too distracted by his work with the federal Department of Government Efficiency, or DOGE — a Trump administration initiative aimed at cutting government jobs.
On a conference call with analysts Tuesday, Musk said he would "spend more time at Tesla starting in May." The company’s stock, which has fallen more than 40% this year, rose nearly 5% in after-hours trading following his announcement.
Tesla’s quarterly results were well below expectations. Profit fell 71% to $409 million — just 12 cents per share — and revenue dropped 9% to $19.3 billion. Analysts had already braced for weak numbers after the company reported declining deliveries, but the earnings still disappointed.
Some shareholders have blamed Musk’s involvement with DOGE for Tesla’s recent underperformance. Others say his controversial public support for far-right politicians has hurt Tesla’s brand abroad, particularly in Europe and China. The backlash was visible earlier this year when protesters disrupted a Tesla shareholder meeting over Musk’s role in the federal jobs group.
"This is a big step in the right direction," said Wedbush analyst Dan Ives, reacting to Musk’s announcement. "Investors wanted to see him recommit to Tesla."
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