April 23 (UPI) — Elon Musk says he will step back next month from his work with the Department of Government Efficiency to focus more time on Tesla, after the electric carmaker’s profits plunged 71%.
“Starting next month, I will be allocating far more of my time to Tesla,” Musk announced during Tesla’s earnings call Tuesday. “My time allocation to DOGE will drop significantly.”
“I think I’ll continue to spend a day or two per week on government matters for as long as the president would like me to do so and as long as it would be useful,” added Musk, as he declared his work with DOGE “mostly done.”
Musk, who is Tesla’s chief executive officer, was already expected to leave his post with DOGE at the end of May, when his special government employee status expires.
While Musk told shareholders Tuesday that Tesla demand remains strong, he admitted that the vandalism and anti-Tesla “blowback” since he began working with the Trump administration has “had an impact in certain markets.”
On Tuesday, Tesla reported revenue of $19.34 billion, down 9% year over year. Earnings per share were down 71% year over year. Tesla’s disappointing first quarter results also showed auto revenue dropped 20% compared to the same quarter last year.
Last month, Musk admitted Tesla’s stock price — which has plunged more than 40% this year — was suffering from lower sales, damage at dealerships and ongoing backlash since he became a senior adviser to President Donald Trump.
“What they’re trying to do is put massive pressure on me, and Tesla, I guess, to … stop doing this,” Musk told a town hall last month in Green Bay, Wis. “My Tesla stock and the stock of everyone else who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”
More than 200 protests were held across the country on March 29 to target Musk in a “global day of action,” dubbed the “Tesla takedown.” Attorney General Pam Bondi has warned that vandalism, arson and other attacks on Tesla vehicles and owners is “domestic terrorism” and those responsible will face federal charges.
Despite ongoing Tesla backlash, Musk said Tuesday he will continue to support Trump and DOGE.
“I’ll have to continue doing it for I think the remainder of the president’s term just to make sure the waste and fraud that we stopped does not come roaring back, which it will do if it has the chance,” Musk said, as he also weighed in on Trump’s tariffs.
“I’m an advocate of predictable tariff structures and generally I’m an advocate for free trade and lower tariffs,” Musk said during the call, adding that he respects the president’s right to do what he wants and is “hopeful” that Trump will “perhaps weigh my advice differently in the future.”
In after-hours trading following Musk’s remarks, Tesla’s stock was trending higher.
