Musk Tells Investors He’s Cutting Back “Significantly” On DOGE Work After Tesla Reports Plummet In Profits

Reuters reports:

Tesla CEO Elon Musk said on Tuesday he would cut back “significantly” the time he devotes to the Trump administration from next month and spend more time running the electric-vehicle maker. Tesla shares, which had risen 4% in after-hours trading right before an earnings conference call began, spiked to trade up 5.5% on Musk’s comments.

The remarks came as deliveries of Tesla’s aging lineup of cars have nosedived. Investors have sold off the company’s stock, assailed by doubt about how much time Musk is spending managing the company because of his involvement in the so-called Department of Government Efficiency, where he has led efforts to cut federal jobs.

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As Tesla declines, Musk says he’ll cut back on DOGE work: “Starting early next month…my time allocation to DOGE will drop significantly,” he said Tuesday. Musk said he’ll spend 1-2 days a week at DOGE, but will be “allocating far more of my time” to Tesla https://t.co/tV7tvpIhXd

— Paul Farhi (@farhip) April 22, 2025