Musk faces some big challenges

Elon Musk is leaving Washington after a short but turbulent stint in government and getting back to his numerous businesses, each with their own set of issues for the billionaire to address.

- NEW YORK (AP)

Start with his electric car company Tesla. While how much Musk accomplished in his role as President Donald Trump's chief cost-cutter is up for debate, it's clear his association with right-wing politics damaged Tesla's brand and tanked sales.

Musk's social media platform X, formerly Twitter, needs to rebuild its advertising base; his aerospace company SpaceX appears to be financially promising but has seen some recent setbacks; and it's unclear if his satellite business Starlink can keep striking deals without Trump nearby.

Here's a look at the state of some key Musk businesses.

Profits plunged 71 percent at Tesla in the first three months of the year right after a Chinese competitor claimed the mantle as the world's biggest electric car seller.

The big question now: Will Musk's leaving Washington help lure buyers back?

The answer is crucial to reviving profits because so much else is uncertain. Tesla's lineup of cars in aging and its foreign rivals have become much more competitive. They would be taking market share from Tesla even in the best of circumstances.

Tesla's decision to close down factories as it retooled its best-selling Model Y, among other temporary problems, contributed to its struggles in the first quarter. But the blowback from Musk's time in Washington created doubts for some analysts.

In a note to clients, JP Morgan warned of "unprecedented brand damage." And Wedbush Securities said at one point, "This is a full-blown crisis."

News earlier this week from Europe doesn't bode well: Sales in April plunged by half.

Another big test for Musk: Will Tesla's launch of its first-ever driverless taxis prove successful?